The American consumer is maxed out
The Economy June 24th, 2008
This from USA Today:
Utilities cut off more customers who are behind on their bills
As skyrocketing food and gasoline prices strain budgets, utilities are disconnecting many more customers who fall behind on their bills, and even moderate-income households are getting zapped.
Electricity and natural gas shutoffs are up at least 15% in several states compared with last year. Totals for some utilities have more than doubled.
“We’re seeing a record number of shutoffs,” says Mark Wolfe, head of the National Energy Assistance Directors’ Association, which represents programs that subsidize energy bills.
Disconnects are up 27% for Peoples Gas in Chicago, 14% for Southern California Edison and 56% for Detroit Edison, according to utilities or regulators. In Michigan, where home foreclosures are soaring and the unemployment rate is the USA’s highest, more than one in five Detroit Edison customers were behind in their electric bills in May.
Need I say more?
