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The multiplier for tax cuts to consumers is reduced in part because its spent on imports which don't have the bang for the buck which buying an American made product would have.
The problem is that globalization and offshore outsourcing and the high dollar (engineered originally by Rubin) have devastated the American job base. That has held down wages. Now (duh!) the consumer is giving up.
Next year will be terrible. The problem is that chasing all the globalization fads has destroyed all the bases of possible job growth (technology, services, manufacturing) and the bubble centers of job growth (construction, real estate, finance) are totally over.
