Our Drunken Sailors Are Drinking Directly From the Punch Bowl: Powell, Did You See That?

September 01, 2023

by Wolf Richter Wolf Street

But they’re earning more than they’re spending, and despite spending like drunken sailors, they’re saving a lot.

Income fuels spending. So here we go: The income from all sources that consumers earned, but without transfer payments from the government (Social Security benefits, unemployment insurance, VA benefits, etc.), has been outrunning inflation since July 2022 – and did so again in July 2023.