Do people really feel 'favorable' about the state of their personal finances? On this front, Paul Krugman is wrong again, writes TianatheFirst.
Appearing on Brian Stelter's Sunday show last weekend, the New York Times economist excoriated journalists who had the chutzpah to point out that, amid record-setting inflation and two quarters of economic contraction, all appearances are that we're in a recession. They're too negative, he said — not about the definition of a recession, but rather about the current state of the economy and how it affects us plebes.
But by every objective metric, the economy is terrible right now for Main Street. As I detailed in June: The same story is true of debt. And housing, the only market for which Biden has a real plan to boost supply, doesn't explain the increase in personal debt. The Federal Reserve Bank of New York found that housing debt has risen from $10.39 trillion by the end of 2020 to $11.5 trillion this quarter. Nonhousing debt has risen from $4.17 trillion to $4.35 trillion in that time. Furthermore, the public is increasingly relying on debt to make ends meet.
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