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Headline is spun. Current rate data is hugely confounded by the pandemic. In fact consumer debt dropped like a rock during the pandemic and is bouncing back t
by ajross 4y ago
Headline is spun. Current rate data is hugely confounded by the pandemic. In fact consumer debt dropped like a rock during the pandemic and is bouncing back to something that looks decidedly normal to me (higher than the 2011-2012 recovery, much lower than the 2002 dot com aftermath, etc...).
Please look at FRED charts when discussing this, I had to pull out one for personal saving in another comment in this topic too: https://fred.stlouisfed.org/series/CDSP https://fred.stlouisfed.org/series/CDSP
- Tokkemon 4y agoAlso, piles of middle class people took those stimmie checks and applied them directly to outstanding credit cards. Now people's habits are just coming back.
- babypuncher 4y agoThis has been going on for a year now. Some indicator reverts to what it looked like pre-pandemic and people act like the world is ending.