Today, we challenge another aspect of the hard landers’ narrative: the notion that consumers will retrench, leading the broad economy into a recession. True, many consumers must resume paying the student-debt piper soon, and many have depleted their excess pandemic saving. … But bigger forces are supporting consumer spending: Consumers simply don’t halt the spending they love to do when their incomes are secure and growing, as now, with wages rising and plenty of jobs to go around. And it’s retired Baby Boomers’ time to kick back and spend their ample nest eggs.
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