The new reality of a post-stimulus world:
Rich people have gotten richer and continue to spend more than everyone else.
Currently, the top 20% of incomes account for almost 40% of consumer spending.
Meanwhile, the second lowest and lowest income quintiles account for just 21% of consumer spending.
This is exactly why many consumers feel like the economy is bad.
All while we have the most unaffordable housing market in history with inflation still above 3%.
Affordability is horrible for most people.
https://x.com/KobeissiLetter/status/1769808650334331224?s=20
Credit card debt is officially rising faster than it was prior to the 2008 Financial Crisis.
It took only 4 years for households to set a new record debt level after paying down borrowings in 2021.
Before that, the time from one debt peak to the next was 3 times longer, at 12 years.
Meanwhile, the average interest rate on credit card debt is at a record 22%, according to the Fed.
Total credit card debt in the US is up a massive 40% in 3 years. Credit cards are many households' solution to inflation.
https://x.com/KobeissiLetter/status/1769767214020718992?s=20
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