Unfortunately, history shows that everything can look rosy until...

Unfortunately, history shows that everything can look rosy until it does not very suddenly.

Demand destruction is the thing to keep track of. When rents and energy costs and inflation without matching wage rises take up too high a % of one's income there can be no demand for other things in the economy. That leads to job losses in those industries so affected and the cycle gathers momentum. In the early days many get jobs that got laid off but there comes a point when the pendulum shifts and they don't - at an increasing rate. People with busy lives do not notice..... then a crash out of nowhere hits them some time down the road.