2 years ago

278

A warning of an impending financial "reckoning" is raised, despite the current relief in Thanksgiving dinner costs.

Highlights:
🦃 Thanksgiving dinner costs have decreased this year, but there are ominous signs in the economy.
💸 Disposable income has been declining since May, and the savings rate is down, leading to concerns about household finances.
💳 Credit card debt has surpassed $1 trillion, with a continuous rise, indicating people using debt for daily expenses.
📉 The traditional pattern of business spending dropping first is disrupted; households are currently keeping the economy afloat through savings and credit.
⚖️ There is a looming need for a financial reckoning as households may struggle to maintain their existing standard of living.
🔄 Despite expectations, the standard of living hasn't risen with inflation, posing challenges for consumers.
🛑 Recommendations include prioritizing necessities and dealing with increased costs cautiously
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