Despite the on-going, sky high, Biden-flation, American's are spending like crazy. And it's a little bit puzzling. But then again, it really isn't, because we want what we want when we want it, and we want it now!
"But that is gonna start to come to a halt very quickly, as inflation continues to take a bite out of their consumption habits" said Dr. Vance Ginn, president of Ginn economic consulting, "And part of the spending numbers that we see are really just from inflation. If you adjust a lot of these for inflation, we're actually seeing declining retail sales."
The other reality is, too many Americans are charging up their credit cards, and living beyond their means.
"A lot of people are also racking up a lot on their credit cards" Dr. Ginn told KTRH, "Credit card debt is up to a record high of over a trillion dollars across the economy, and we've seen that soar just over the last year."
And looking ahead to this year, the clock will eventually strike midnight, and the U.S. will officially be in another recession.
Originally posted at KTRH News.
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Vance Ginn, Ph.D.