Signs of a Great Depression … 🔥🔥🔥 pic.twitter.com/3U06MRp0yn
— Wall Street Silver (@WallStreetSilv) December 8, 2022
— DB=No Bull (Titanic-Iceberg-FED/Yellen steering) (@Flash430) December 8, 2022
USED 🚗 CARS 📉🛩 pic.twitter.com/fWwEIrq6wp
— Win Smart, CFA (@WinfieldSmart) December 8, 2022
Shocking Consumer Credit Numbers: Everyone Maxed Out Their Credit Card As Economy Slid Into Recession
Shocking Consumer Credit Numbers: Everyone Maxed Out Their Credit Card As Economy Slid Into Recession t.co/hz577qfoFy
— zerohedge (@zerohedge) October 7, 2022
U.S. Consumers Tapped Out
The key is employment. Thus far, the labor market has not come under any strain but there are signs that it is beginning to wobble. Should unemployment start to rise, as seems likely in 2023, credit card debt will deflate, and the savings rate will rise. In those circumstances, the U.S. and the global economy will be in dire straits (and U.S. consumers will not be getting their money for nothin’).
401(k) ‘hardship’ withdrawals hit record high, Vanguard says
The world economy is heading for one of its worst years in three decades, per Bloomberg.
— unusual_whales (@unusual_whales) December 7, 2022
Major Economic Contraction Coming In 2023 – Followed By Even More Inflation
High energy prices and supply-chain disruptions will mean ongoing inflated prices in goods and services well into 2023, among other concerns.