By John Persinos
During the Cold War, the "twilight struggle" (as JFK called it) was between capitalism and communism. Today, the world's dominant "ism" is…consumerism. That's especially true in the world's largest economy, America.
Consumer spending makes up roughly 70% of U.S. gross domestic product. Our country relies on robust shopping to drag the economy out of recessions. Judging by my credit card bills, the Persinos clan is performing their patriotic duty.
However, U.S. shoppers as a whole are losing some of the confidence they showed earlier in the year, as the path to recovery becomes strewn with obstacles. Rising inflation, monetary tightening, overseas war, and political polarization in Washington, DC are souring consumer moods.
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