If you look at the retail sales breakdown, sales are at about the 2007 level which was at the height of the bull run. Now with 9% unemployment and a huge increase in savings, retail spending is still at the same level. Something just doesn't add up. The numbers don't lie. Has the Ben been spotted at Wallmart? are they handing out food stamps to keep up the spending?
Retail spending was up 4.4% whilst wages increased 1.7% in 2010. The big trick is to never talk about ALL the figures at the same time, in the same speech, and preferably not in the same week, or even the same month.