School children get lesson in economics

August 18, 2009 5:00:29 PM PDT
Many school children going back to school shopping with their families are getting a lesson in economics this year.

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"I don't want to spend more than $20 on a backpack," said a mother to her daughter.

The hunt for bargains is more intense than in the past. The National Retail Federation says back to school sales are down almost eight percent this year. The average family is spending $46 less than last year.

"We're still running at confidence levels that are consistent with the worst of the recessions of the early 1980s. Consumer spending just isn't there," said Diane Swonk, from Mesirow Financial.

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