The more I look at this chart...

The more it bothers me.

Does this chart, posted on the New York Fed's blog, reflect results of a normal deep recession and a slow recovery?

Or is this a reflection of a "fundamentally changed" American economy?

There's a lot less room for discretionary spending when government takes a heavier hand and asserts a greater role as central planner.

And there's been plenty of big government legislation and regulatory expansion the past few years.

The more spending decisions government makes for us, the fewer options we have to make for ourselves.

Whatever the case, people aren't spending.  If they're voting with their wallets, it appears to be a vote of no confidence. Fans of Ayn Rand might even claim they've "gone Galt."