"In the US MAGA populism has been fuelled by the keen sense workers have been left behind the elites getting richer – and how rising debt levels could create a consumption crisis in the economy. Here in the UK consumers are about to be hit with rising council tax bills while discretionary spending remains shell-shocked from the inflation-shock and the reality that real incomes remain depressed. Rising rents and incomes that have barely risen over 15 years leave a massive imbalance between the hopes and expectations “professional” investors are expressing on corporate incomes vs the dismal reality of consumer disposable incomes! At some point we’re going to remember that a strong, vibrant, robust, productive economy is one in which production and consumption are in balance…. If there is an economic surprise coming it might be the one that occurs when economies stall because everyone is broke…"
