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Story is wrong about this, I think they misread it. See Dube: https://x.com/arindube/status/1724147807563477440 https://x.com/arindube/status/17241478075634774
by astrange 3y ago
Story is wrong about this, I think they misread it.
See Dube: https://x.com/arindube/status/1724147807563477440 https://x.com/arindube/status/1724147807563477440
https://www.nber.org/papers/w31010 https://www.nber.org/papers/w31010
It also might be a difference in wages vs. income, because income counts welfare programs and those were unusually generous (but temporary) in 2020; we should bring that back but it's not due to the economy getting worse.
But you can see it says debt ratios are low.
> Median household leverage - measuring a family's total debt against its total assets - sank to the lowest in 20 years at 29.2%. Meanwhile, the median payment-to-income ratio dropped to a record-low 13.4%, and the fraction of families with payment-to-income ratios greater than 40% fell 0.9 percentage point to 6.5%, also a record low.