Consumer confidence lower than during 2001 recession.

On his blog, Paul Krugman writes today that “the plunge in consumer confidence in recent weeks is pretty startling.” Krugman says that, according to the University of Michigan index, “consumer confidence is now lower than it ever was during the 2001 recession and aftermath.”

According to Krugman, “bit by bit, the evidence is mounting that the wheels are coming off this economy.