Peter Morici, economist at the University of Maryland, warned Newsmax TV not to expect robust first-quarter economic growth.
“Americans don’t spend a lot of money in the winter anymore,” he told America Talks Live.
“Instead they have fun during the Christmas season, the holiday season to be politically correct, and then they pay off their credit card debts in January, February and March,” he told host Bill Tucker.
“No matter how you slice it, they’re not spending a lot of money. We have to wait and see what spring is like as to whether the economy improves over last year,” said Morici, who is also a Newsmax Finance Insider.
However, official overall first-quarter growth estimates are not