American Debt Slaves in Weirdest Economy Ever | Wolf Street

Our job is to spend money, and if we don’t have enough money to spend because we don’t get paid enough, we need to borrow this money and then spend it. Being reduced to “consumers” is our fate.

But if we don’t do our jobs and consume enough, the US consumer-based economy will grind down, and the global economy that supplies American consumers all this stuff will grind down, and all heck will break loose, globally. Everyone is counting on us “consumers.”

But if we don’t do our jobs and consume enough, the US consumer-based economy will grind down, and the global economy that supplies American consumers all this stuff will grind down, and all heck will break loose, globally. Everyone is counting on us “consumers.”

And there are the broad national and local strategies of extend-and-pretend where delinquent mortgages are brushed under the rug of forbearance programs, and where renters are protected by eviction bans.

American Debt Slaves in Weirdest Economy Ever | Wolf Street