This was written a year ago.

Quoted: The global imbalances created by this dynamic of American borrowing and foreign lending appear stable for now, but if they slip suddenly, that could pose serious dangers for middle- and working-class Americans through soaring interest rates, a crash in the housing market, and sharply higher prices for anything no longer made domestically.

I'm not always a Glenn Beck fan, but he is right on here. Consumers are following the lead of our government...

Quoted: The "Real Story" is, consumers are not spending, they are charging and there is a difference. Since home equity isn`t available anymore, they`ve got back to where else? Credit cards.
...
U.S. credit card debt rose almost $9 billion in November alone to a total that is just shy of $1 trillion in credit card debt. And now just like with the mortgages, people are having trouble paying those credit card bills. A study shows that late credit card balances are up 26 percent and defaults, which is when lenders basically write off the debt, are up 18 percent.

Quoted: Although Phil brings home $5,000 or $6,000 a month, their expenses are almost three times that amount per month. Felice says she starts each day at a popular coffee chain, which adds up to $300–$400 a month. Because her own six credit cards are maxed out, Felice secretly uses her husband's credit card to get cash advances.