Penney CEO Calls for Consumer Stimulus Package
many others in retail, J.C. Penney CEO Mike Ullman has
seen his chain struggle as the economic situation in the U.S. has deteriorated
over the course of the year. Last week, Mr. Ullman told
analysts he believed it should be "job one" for the Obama administration "to
get the consumer back in the game" and spending again.
to a Financial Times report, Mr. Ullman said that a lack of consumer
confidence was the most serious threat facing the U.S. economy and needed
to be addressed swiftly.
know that the Federal Reserve has been very, very active in reacting to…financial
pressures, and there’s been less focus on the consumer up until the last
90 days," he said.
[consumer spending] is 70 percent of the
economy. People with money are not spending as freely as they otherwise
would, because they are concerned about the lack of visibility to ’09 and
Times correctly pointed out that the National Retail Federation has
been calling for a second stimulus package to spur consumer spending.
Do you agree that a lack of consumer confidence is the most serious threat
facing the U.S. economy? Is a stimulus package focused on consumer spending
the right approach to deal with the confidence issue and get the economy
moving in the right direction again?