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To be sure, the U.S. economy is in the midst of a painful structural adjustment process.  And, not surprisingly, the consumer is at the epicenter of the crisis.  After years of excess consumption, overextended consumers will have to significantly reduce consumption and increase savings to restore their financial health.  Moreover, since consumer spending constitutes 70% of GDP, many economists fear that this “deleveraging” process may plunge the U.S. economy into a deep and protracted recession.   ... Read full article