Recent headlines have been trumpeting the great economy we’ve been having:
Charles Payne (Unbreakable Investor by Charles Payne) is not taking such a rosy view:
Regarding unemployment, Charles explains:
Last month 670,000 people left the labor force… If that many people stayed in the labor force the unemployment rate would have been well over 4%. So, is that good news, or is that bad news? That’s 600,000 people who have left the labor force, that’s a strong economy?
Another factor that worries Charles is the consumer debt in this country.
I think it’s whistling past the graveyard. The interest rates have never been higher, almost 22%. Store cards at 34%. Delinquency rates are rapidly rising, and now you’ve got people on buy now pay later, which is going to be another unmitigated disaster. And this last December, a lot of people started using that to eat, to buy groceries. We have two Americas: One America that is doing very well, and one that is not, on borrowed time.
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