The American consumer is not coming back

Yahoo: Americans will get back some $330 billion in tax refunds this year, and more than half of that is earmarked for savings accounts or paying down debt. That's the highest percentage since 2007.
Some 66 percent of individual taxpayers will get a refund check in 2016. According to an annual survey released by the National Retail Federation on Thursday, about 50 percent of them will plow it into savings, while 35 percent will also use it to pay down debt. It's perhaps a sign of self-discipline that Americans want to shore up their finances, but it's also a bad sign for consumer sentiment, and by extension the U.S. economy, which relies on you spending as much of your money as possible.