The data is in for April. Here's what happened:

1. Household personal income (inflation adjusted) rose, but every penny — and then some — went into savings or paying down debts. Consumer spending, on which Barack Obama is betting to stimulate the economy, actually fell. None of the stimulus money was spent. None.

2. Meanwhile, to pay for this stimulus spending that didn't stimulate, Obama had to borrow so much money that long-term interest rates have almost doubled s ...

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