Consumer Spending Is Not the Cause of the Current Inflation
Paul Craig Roberts- When the Federal Reserve makes mistakes as it did when it caused the Great Depression, it’s the people who suffer the consequences.
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Commentary
In the United States, consumer spending is increasing not from a rise in income but from a rise in consumer debt. Last November, consumer spending financed by new debt rose at an annual rate of 7.1 percent, which exceeds the 4.8 percent annual growth in average hourly earnings for the month.
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