The Washington Post reports that Americans are responding to the recession by tightening their belts:

The economic shock has jolted many Americans into a new, more austere reality, which is likely to have lasting consequences for an economy fueled mostly by consumer spending. More than six in 10 Americans say they have cut down on borrowing and spending, the survey found.
The reason: Nearly half of the survey’s respondents say they are in worse financial shape as a result of the downturn, which destroyed 20 percent of Americans’ wealth.

That’s quite different from the government’s response. Tax revenues are down, the deficit is growing and so is the debt, and yet the government keeps spending more and more everyday. I am testifying before the deficit commission later this afternoon; I will certainly be making this point. (Here is my written testimony.)