The US economy is on the brink of a recession, but consumers don’t seem to care. Consumer spending is up, credit card debt is through the roof, and the average American’s excess savings have been depleted. Could this financial rager we’re throwing end in chaos for the US economy? Or are these frightening metrics pointing to something else entirely? Today, Dave will get into the nitty-gritty details of the US consumer.
After some serious pandemic stimulus, Americans were riding high, buying whatever they could with their stocked-up savings. But now, economic sentiment among Americans is starting to fall, and many believe a recession could be around the corner. With consumer spending making up the majority of economic activity in the US, if it starts to fall, our economy could go down with it.
Dave will give you the numbers and updates you need to know EXACTLY what’s going on with the US consumer, whether or not rising debt and spending really matters, and the factors that could force spending to fall.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.