This article was published yesterday in the WSJ:

Grand Central: A Letter to Stingy American Consumers\
June 2, 2015

Dear American Consumer,

This is The Wall Street Journal. We’re writing to ask if something is bothering you.

The sun shined in April and you didn’t spend much money. The Commerce Department here in Washington says your spending didn’t increase at all adjusted for inflation last month compared to March. You appear to have mostly stayed home and watched television in December, January and February as well. We thought you would be out of your winter doldrums by now, but we don’t see much evidence that this is the case.

You have been saving more too. You socked away 5.6% of your income in April after taxes, even more than in March. This saving is not like you. What’s up?

We know you experienced a terrible shock when Lehman Brothers collapsed in 2008 and your employer responded by firing you. We know stock prices collapsed and that was shocking too. We also know you shouldn’t have taken out that large second mortgage during the housing boom to fix up your kitchen with granite countertops. You’ve been working very hard to pay off this debt and we admire your fortitude. But these shocks seem like a long time ago to us in a newsroom. Is that still what’s holding you back?

Do you know the American economy is counting on you? We can’t count on the rest of the world to spend money on our stuff. The rest of the world is in an even worse mood than you are. You should feel lucky you’re not a Greek consumer. And China, well they’re truly struggling there just to reach the very modest goal of 7% growth.

The Federal Reserve is counting on you too. Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates. We listen to Fed officials all of the time here at The Wall Street Journal, and they just can’t figure you out.

Please let us know the problem. You can reach us at any of the emails below. (Editor’s Note: We asked, you answered.)

Sincerely,

The Wall Street Journal’s Central Bank Team

-By Jon Hilsenrath
http://blogs.wsj.com/economics/2015/06/0...ican-consumers/

The comments were interesting. here are two:
8:11 am June 2, 2015
Thomas Moran wrote:

Dear John,
The American consumer had to absorb a $1500 increase in out of pocket health care costs over the past 2 years. Insurance premium increases and deductible increases were passed on to the consumer under the "ACA" ; your paper routinely ignores this fact when discussing consumer spending. Today you are reporting another significant premium increase in the works for next year. So start reporting the news instead of blaming others for the Fed's, Administration's and Wall Street economists consistently inaccurate economic forecasts. Yes, the "ACA" has hurt consumer spending.
Meanwhile, mean U.S. family income is stuck at the same level as the late '90s in part because of the trade deals that outsourced millions of middle class jobs. Now your paper is supporting the fast track of another piece of legislation that we need to pass to find out what is in it.
Why don't you spend more time talking to consumers than your inside Fed sources?

9:59 am June 2, 2015
josap wrote:

Welcome to Main Street. We don't think 5 years is a long time and in those years many of us have not "recovered". The cost of utilities, insurance, education, food has gone up - our inflation is measured in what we buy week to week. We don't buy a car or a stove or an airplane everyday, we buy consumables.

Many are paying off old debt, student loans, subprime car loans. Main Street has not been the recipient of 0% interest rates. Some are increasing their savings, if they have any to save.

You want us to spend? You think buying cheap foreign goods helps US Main Street? We figured out buying plastic nonsense that doesn't last isn't worth it, we are saving to buy quality if we buy at all.
http://blogs.wsj.com/economics/2015/06/0...s/tab/comments/


and here WSJ's take on the comments:

Jun 3, 2015
Grand Central: Readers Sound Off About Consumer Spending Sluggishness

Readers reacted strongly to Tuesday’s Grand Central commentary, a tongue-in-cheek and ironic letter to American consumers asking why their spending had slowed in recent months.

Household spending is a real puzzle at this moment. After growing slowly for much of the recovery, consumer spending appeared to be picking up early this year. It rose 3.4% in January from a year earlier, after adjusting for inflation, the fastest pace of the expansion. It seemed to be set to rise at a quicker clip in the coming months, thanks in large part to the recent decline in gasoline prices. Instead, spending slowed through April, a development that is puzzling economists. Why did spending slow early this year when households appeared, finally, to have some wind at their backs?

We asked readers to respond. Here is a summation of what they said:
..............................................

http://blogs.wsj.com/economics/2015/06/0...g-sluggishness/