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That would further erode confidence and dent consumer balance sheets.
"Housing, which has long been a drag, has turned into a positive for growth, and will help improve consumer balance sheets and strengthen consumption," Mr. Goldstein said.
A healthy economy is one that includes economic growth, which is measured by GDP, as well as a sense of "voom" in other areas, like housing and the health of the US consumer balance sheet.
Jack Guynn, president of the Federal Reserve Bank of Atlanta, said in a speech today that "the lower pace of consumption growth over the next year ought to help ensure that consumer balance sheets remain healthy".
–Consumer balance sheets have improved, but we still need jobs.
The reduction in debt has contributed to an overall improvement in consumer balance sheets.
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Consumer balance-sheets are being repaired.
From rising house prices to stronger consumer balance-sheets, the ingredients are in place for the recovery to strengthen.
"2013 will be the year of test and learn with consumer balances," Donahoe said.
Though financial markets are lacklustre, consumers' balance sheets are still buoyed by a booming housing market.
Their newfound pessimism caused stocks to fall, hurting consumers' balance sheets, and led companies to halt new investments almost immediately.
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