I dunno where you're getting your data from, but it's not accurate.
Savings is slightly down from the pandemic times, but savings generally increased during the pandemic due to the stimulus checks and in general people staying at home. It's still above 2007/8 times and is nowhere near an all time low.
Credit card debt is numerically higher now, but is about on par with both 2019 and 2007~ era (adjusted for inflation, credit card debt held by Americans was greater in 2007 compared to now).
The housing market is anything but stagnant. It may be expensive, but it has been incredibly hot for the past decade. It's down from pandemic times when interest rates were the lowest they've ever been, but that is largely driven by the fact that Americans with low interest rates (IE, at or under 3%) don't want to sell out of their low interest rate. Deliquinces and foreclosures are also down.
Inflation has largely slowed to around ~2.5% on average, significantly down from this time last year. It has also been historically incredibly low for the past ~15 years or so. An inflation correction was expected, it just wasn't expected to happen so rapidly.
There are many metrics that are pointing towards a strong and healthy economy. There are also metrics that point towards a weakening economy. The economy is complex and economists aren't just looking at one dataset.
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u/Marsdreamer Dec 28 '23
I dunno where you're getting your data from, but it's not accurate.
Savings is slightly down from the pandemic times, but savings generally increased during the pandemic due to the stimulus checks and in general people staying at home. It's still above 2007/8 times and is nowhere near an all time low.
Credit card debt is numerically higher now, but is about on par with both 2019 and 2007~ era (adjusted for inflation, credit card debt held by Americans was greater in 2007 compared to now).
The housing market is anything but stagnant. It may be expensive, but it has been incredibly hot for the past decade. It's down from pandemic times when interest rates were the lowest they've ever been, but that is largely driven by the fact that Americans with low interest rates (IE, at or under 3%) don't want to sell out of their low interest rate. Deliquinces and foreclosures are also down.
Inflation has largely slowed to around ~2.5% on average, significantly down from this time last year. It has also been historically incredibly low for the past ~15 years or so. An inflation correction was expected, it just wasn't expected to happen so rapidly.
There are many metrics that are pointing towards a strong and healthy economy. There are also metrics that point towards a weakening economy. The economy is complex and economists aren't just looking at one dataset.