Low-income consumers are increasingly relying on debt to fund purchases, with higher borrowing costs boosting credit card delinquencies. Last quarter, the increase in wages was partially offset by a rise in personal taxes. That led to income at the disposal of households after accounting for taxes falling at a 1.0% pace last quarter. The result was that consumers dipped into their savings to fund some of their spending.
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Yeah, all that tracks. For me and my wife, anyway. We had to blow all our savings just to move to another apartment down the road, and there’s been more than one time we’ve had to put essentials (gas, groceries, medication) on a credit card. We both got decent pay bumps this year, but it hasn’t helped in the slightest.
Remember folks. “The Economy” = A few rich peoples wallets
