SUDDENLY America’s consumers are running scared–scared of possible terror attacks, scared that their jobs might not be there when they turn up for work in the morning, scared that the pensions on which they were relying to convert their declining days into golden years will dry up. Most consumers may not be experts in the arcane subject of analyzing national statistical data, but they are pretty good at figuring out that the soaring cost of fueling their cars and heating their homes leaves less for them to spend on other things, and that there just aren’t many jobs out there waiting for applicants.

Since consumer spending has kept the economy from slipping into recession, this new, creeping fear is causing the president to redouble his efforts to get Congress to act on his package of tax cuts.