Its Over, page-20795

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