"The average person in the country is still hurting. You still have 8 to 9 percent unemployment. We're still double or triple the unemployment rate from five years ago," he says. "There's still a ton of people who got reemployed, but they got reemployed at lower salaries."
Tignanelli adds that the wealthy and business owners, whose spending could help spur economic growth, continue to be reticent to spend.
"Business owners and the wealthy don't feel wealthy right now. Their housing prices are down. Someone who paid $3 million for a house five years ago would be lucky to get half of that today," he says. "Most of my wealthy clients have pulled back on the purse strings in a big way."
"To me, that would be the biggest negative right now," Tignanelli says. "You don't have the desire of these wealthy Americans to spend like they have in the past."