I think the country IS discovering its inner Dave Ramsey. The savings rate keeps going up.

People are self-consciously trying to protect themselves from uncertainty. At first, it was to protect against a private sector meltdown. Now, it is an attempt to protect against public sector profligacy.

In both cases, this new found habit of saving keeps the economic motor running slow and low. Government attempts to overcome that instinct are bound to fail. The only thing that will loosen up wallets will be if citizens sense that economic growth has a real basis rather than a “the government commands it so” one.