'But perhaps most troubling is the precipitous drop in
real disposable income, which fell over $1 trillion in 2022.
For context, this is the second-largest percentage drop in real disposable income ever, behind only 1932, the worst year of the Great Depression. To keep up with inflation, consumers are depleting their savings and burning through the "stimulus" checks they received during 2020 and 2021.
Credit card debt continues growing, while savings plummeted $1.6 trillion last year, falling below 2009 levels.'
The latest GDP report from the Bureau of Economic Analysis tells us that the U.S. economy is slowing down. While the Biden White House wants to spin the numbers, they are not good.
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