American consumers are in great shape? Really? Maybe the 0.1% of consumers who are billionaires.
Credit card spending continues to skyrocket higher – and that’s not happening because people have money to burn. It’s because it’s the only means they have to pay for their everyday needs.
“The consumer is getting absolutely squeezed by higher interest rates,” Keith McCullough explains in this clip from The Macro Show. “In many cases, if you’re in the median income – the 50% of people who make $63K or less – you’re totally screwed right now.”
Yet Hedgeye’s CEO still hears the tired Old Wall talking points that the U.S. economy and consumers are doing fine.
“Consumer foreclosures and delinquencies continue to accelerate,” McCullough adds. “People are enraged about this. We won’t stand idle while you get pillaged by the state and elites.”
FYI – Hedgeye is offering its research free Sept. 18-24 during All Access Week. Now’s your chance to get an authentic, no-bullsh*t read on the markets and economy, as well as insights on how to position for recession.
Watch the full clip above.