Several serious signs have been reported that may clearly show the path that the US economy is heading down:
- US personal savings have collapsed by $5.5 trillion since April 2020. The less cash available to consumers, the less they can buy, the less that goes into businesses, and the more consumers go into consumer debt.
- Also adding pressure on the US economy is the return of student loan bills, which could cut both consumer savings and spending levels. A new report by Oxford Economics forecasts US consumer spending could fall by more than $100 billion a year due to student loan payments kicking in, increasing the odds of an economic downturn.
- Almost all reputable economic sources are referring to inflation as the sleeping giant that is awake and will roar for decades to come. One source stated it this way, “We’re moving from a world that was previously dominated by the abundance of resources to one that’s dominated by scarcity. The economic world could look quite different over the next five to 10 years. Using past performance as a guide to the future is something we always warn against, but it’s especially true now.” Another put a hard number to it, “Even if you toss out food and energy prices — which are notoriously volatile and have driven much of the price surge — so-called core inflation soared 5.9% over the last year.”
- Affecting income, “The Labor Department says that after accounting for higher consumer prices, hourly earnings for private-sector employees fell 3.6% last month from a year earlier, the 15th straight drop.“
Get your financial house in order…please.
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note: Remember, I an not a market expert, a stock broker, an economist, or any other kind of financial expert. I am simply passing along some danger signs that influence me.