1982. Michael Jackson releases what will become the largest selling album in history, "Thriller." John Belushi dies at age 33 of a drug overdose. "Cats" opens on Broadway. "E.T. - the Extra-Terrestrial" is a hit a the movies.

Remember?

Seems like a long time ago, doesn't it? According to the University of Michigan's Consumer Confidence SuSurveyreleased last week, confidence in the economy has sunk to 62.6, the lowest since -- you guessed it -- 1982.

Any doubts that we are in a recession have been stripped away. A combination of high fuel prices, high food prices and stagnant wages have consumers becoming more frugal with their money.

According to many economic experts, consumer spending accounts for the lion's share of U.S. economic activity. President Bush and the Congress passed an economic stimulus plan in February, and checks will be coming out next week, ahead of schedule.

The University of Michigan Consumer Confidence survey revealed that high food and fuel prices, coupled with shrinking incomes and falling home values, have driven consumers to save their money rather than spend it.

According to the survey, only 30% of consumers plan to spend their upcoming tax rebate, while the rest said they would use it to pay off debt or put it into savings.

Though the stimulus rebates, due to start arriving in mailboxes next week, will boost spending temporarily, rising prices for food, gas and other essentials along with worries about income levels could cause consumers to spend less through late 2008 and early 2009.

The survey said that 90% of consumers believed the economy was in a recession, and 75% believed the economic problems will persist for at least another year. A third of those surveyed specifically said that they were reigning in spending because of uncertainty about employment and income.

An unsolicited word of advice to anyone who may be listening: now would be a good time to crack down on oil futures trading and allow the import of ethanol from other countries.

These two steps would eliminate the most probable reasons for high food and fuel costs.