Reply to Why does it feel like people have unlimited budgets, even with crazy inflation?

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Reply to "Why does it feel like people have unlimited budgets, even with crazy inflation?"

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[quote=Anonymous][quote=Anonymous]Leaving aside the very well off who may or may not feel the pinch of inflation, I think the phenomenon you describe, OP, is apparent in the economic data and a source of some mystery and consternation for economists. Consumers spending has been far more resistant to inflation than economists expected. As someone else said, credit card debt is up, so that explains some of it. Also, during Covid savings increased substantially as people got breaks on paying rents or utilities, received stimulus money, etc. so there has been some tail of spending down savings, accruing credit card debt before limits hit. Also, as someone said, many of the job moves over the past few years were into better paying jobs, which allows more spending at a sustained level. Much of the missing workforce continues to be the lowest paid sector, which is quickest to change spending when conditions change. [/quote]
I think part of it is also that many of us saw how short life can be up close- spend the money, have the fun. [/quote]

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