NO RAVES FOR THE ECONOMY – AT 9:24 A.M. ET:  While the White House tries to convince us that prosperity is right around the corner, and that there'll be tofu in every pot and two electric vehicles in every garage, consumers are voting with their wallets, and holding back the vote.  From AP:

NEW YORK (AP) -- Americans, uninspired by cool weather and feeling fresh concerns about the economy, spent with caution in May after a tepid April.

Retailers' May sales reports, released Thursday, underscore how fragile the consumer spending recovery remains.

A mix of stores found business challenging during the month.

Target Corp.'s chairman, president and CEO Gregg Steinhafel, noted in a statement that its recent performance reinforces his belief that we will continue to "experience volatility in the pace of economic recovery." The chain posted a small gain that was below internal forecasts.

Department store chain J.C. Penney and many teen merchants including Abercrombie & Fitch Co. and American Eagle Outfitters Inc. reported declines in revenue at stores open at least a year.

Costco Wholesale Corp. reported a gain slightly below Wall Street expectations. Gap Inc. reported a small gain overall, but its namesake chain in the U.S. saw revenue decline. The results are being compared with depressed spending a year ago.

COMMENT:  This recovery is worse than fragile.  The Gulf oil spill may well devastate the economies of Gulf states.  Individual state governments around the country are running out of cash.  National governments around the world, ditto.  During the last major economic hit, in 2008, national governments had some cash reserves to cover downturns.  Those reserves have been largely used up.

And unemployment continues to grow.  Happy days aren't here again.  And who's at fault?  Why, it's BUSH (!!).

June 3, 2010