Income Stats Ugly
Hard to see how consumer spending will rebound with PI looking like this. Note the difference between now and the last recession.
Combine this with record levels of consumer debt, and you get an ugly picture. It seems obvious that any “recovery” fueled by unsustainable public debt, loose new accounting standards, and which is jobless, is no recovery at all. But hope springs eternal, don’t it?
1 Comment
hey Adam,
Thanks for pointing that out! Yes hope springs eternal.
Here’s a quote i saw recently that i think you will like.
””’The fact that the worst is behind us does not necessarily mean that the best is around the corner. That’s something that all of us need to recognize.”””’
-Abheek Barua (chief economist, HDFC Bank)