The IMF comments on U.S. economic outlook

Before Katrina, solid growth and booming house prices allowed the U.S. consumer to boldly spend like no one has spent before. But consumer confidence has fallen. With rising inflation cutting into nominal wages, and rising interest rates slowing house price growth, we expect private consumption growth to slow. We project lower overall growth of 3.5 percent this year and 3.3 percent next year for the United States.

my grandma had a phrase for it... "spending money like a drunken sailor..." the paraphrase of the star trek line ain't bad either...

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