I received recently my regular report for the Social Security Administration that tells me how much I will receive when I retire. It includes my entire earnings history going back to my first summer job. This history illustrates the challenge facing the entire economy.

My adult working life showed a nice, normal progression of steadily increasing pay. Then came 2007, when the growth stopped. This wouldn't be a problem if all  expenses froze. But my taxable incoming started declining for a number of reasons, including higher health care costs. I don't know when or if the growth will resume. I fail to see how the increase in expenses will stop.

I'm in a better position than many people. But I'm in the same situation. If consumers only expect decreasing income, they'll avoid large, long-term purchases and will limit the amount they spend on those purchases when they make them. That's the opposite of what auto sales need for a revival. To put it in automotive terms, we're stuck in neutral on an incline.