This is the news today:

U.S. consumer spending was flat in June as incomes stopped growing and prices remained subdued, pointing to a weaker economy.

   But, that should not be a surprise. Which makes this very curious:

   Federal Reserve Chairman Ben S. Bernanke said rising wages would probably spur household spending in the next few quarters, even as weak job gains dragged down consumer confidence.

   I honestly think the Bernanke, Tim Geithner and the whole lot of the economic stewards (I use "stewards" very loosely) are entirely clueless. If you do not have a decent job and you are petrified of the future given the recent history, why would anyone spend a lot of money given the uncertainty? One report says "incomes stopped growing" and yet Bernanke says wages will rise.