Forty-three years ago, during his debate with then-President Jimmy Carter, Gov. Ronald Reagan famously asked the American people, "Are you better off than you were four years ago?" We can now ask the same thing and, unfortunately, get the same answer.
The American people are suffering financially thanks to the mishandling of the economy, rampant spending and inflation.
Peter Reagan (no relation), a financial market strategist at Birch Gold Group, has an opinion piece on the current situation at Newsmax and finds Americans are reporting financial suffering in record numbers.
It begins with:
Two years ago, we referenced various reports about Americans’ savings (consumer and retirement), reporting that they had dropped to the lowest point in years.
Unfortunately, things haven’t improved much since then.
We just discussed the state of consumer debt, and it isn’t very good at all, reaching a record $17 trillion.
Since the economy is primarily driven by consumer spending (currently 68% of GDP), if American households are tapped out and buried in debt, the stage is set for an economic disaster.
So today we’re going to explore the current state of the typical American household’s finances, and extrapolate the future consequences for the entire economy.
To read the full article, go here.
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