Spending in Maine belies economic blahs

To Wall Street from Maine with love: buck up. The economy isn’t tipping into recession, nor is consumer spending shriveling.

To the contrary. As Maine goes, so goes the nation … once again. And Maine is proof positive there’s a rebound under way. All you investors have to do is wait an hour at the Maine Turnpike tollbooths and you’ll forget about the previously plunging stock prices or weak corporate earnings.

Why, we’ve never seen anything like it since we watched Dr. Seuss’ famous Christmas classic and saw all those “Whos” with their bamkoozles, shantangles, zimgongles and ratingles (whatever). The Grinch himself – let alone Alan Greenspan or the media – couldn’t topple consumer confidence.

Not this summer, not in Whoville. Not in Maine.

The Maine Turnpike Authority just reported that July was the second-busiest month in the agency’s history, with 179,084 trips per day – second only to August 2000’s record of 181,400 trips.

Factor in the high cost of gasoline, the even higher cost of SUVs, the price of sleek kayaks and road bikes in racks on top, and it’s apparent these vacationers aren’t tightwads. Their economy doesn’t seem to be anemic at all, but rather robust, as our own Index of Leading Indicators would suggest.

They have fly-fishing equipment, tennis rackets, cell phones, Rollerblades, skateboards, Palm Pilots, beach umbrellas, imported beer, Volvos and Land Rovers. And they are merely the day travelers who pay $175 a night for lodging and $25 per entree.

The larger recreational vehicles – thousands of them up and down the coast – have more rigging than Camden schooners. Their owners have stayed for weeks in campgrounds around the state where they’ve rented Jet-Skis and sailboats, mopeds and diving gear.

Their youngsters are everywhere: on go-carts, water slides, miniature golf courses and whale watch boats; they’re standing in line for lobster rolls, ice cream cones, movie tickets and homemade fudge.

Vacationland has been booming, to the amazement of Gov. Angus King who was quoted last week as saying, “Frankly, I’m surprised, since it shows that even with the talk of a downturn in Maine’s economy, we may still be pulling ahead.”

Pulling ahead with all the thrust of a mighty engine during the lobster boat races, is what we think of. To be sure, our analysis – although we’re no “recognized” financial adviser – points to conspicuous consumer consumption, the three Cs of gauging real economic activity, in our book.

“Bull,” you say.

“Right,” we answer. “The only kind of bear around here is black.”