November 30, 2023
Americans are doom spending, according to CNBC.
Like squirrels gathering nuts for winter, Americans are grabbing what they can now before the prices rise further. Everyone is expecting inflation these days and know if they don't get it now they won't be able to afford it later.
Americans are ‘doom spending’ — here’s why that’s a problem https://t.co/4oM9lHpB3T
— CNBC (@CNBC) November 29, 2023
This is fairly common. Inflation always boosts consumer spending in it's early phase for this very reason. Eventually it drains all the resources from the economy then you wind up with stagflation - no growth and high inflation. But the good consumer spending is precisely why many politicians are eager for inflation; it hides the real damage done to the economy by heavy tax and spend policies and living on credit.
A doomsday economy is rather like the activity one sees as a corpse decomposes. It appears to be active as it bloats and decays. But that is the end stage of what had once been healthy.
America is bloating right now.
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