Breece Quoted in Press Herald Article on Mainers’ Spending Habits
James Breece, an economics professor at the University of Maine, was interviewed by the Portland Press Herald for an article about a report recently released by the federal Bureau of Economic Analysis that found Mainers spent more than the national average on goods and services including gasoline, groceries and health care in 2012. Nationally, Maine ranked 13th in consumer spending and 32nd in median household income, according to the article. Being a relatively low-income state, the spending trends probably mean many Mainers are cutting back or forgoing savings, Breece said, adding “Mainers can’t afford to save money.” He also said many of the statistics make sense, including that Mainers spend more per capita on health care, most likely because of Maine’s higher population of older citizens.