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The Consumer is Strong!
by Karl Denninger Market-Ticker.org
Uh, no he isn’t.
He’s maxed out on his plastic, he’s wondering if next week the food bill is going to go up another $20, he’s watching gas prices like a hawk and expecting trouble there too, he is being hounded at his job to “do more for the same pay” and more.
And those are the producing ones. The folks who are not inclined to produce, and there’s a lot of them, are sensing the Sword of Damocles over their heads. This was always the problem with “RIP” (Retire In Place) or “DTL” (Do The Least) which many adopted and some even advocated post-lockdown. It seemed like a reasonable bid if and only if the labor market was continually and permanently “tight” — that not only would it be hard to replace you but your job had to be done and the firm couldn’t manage without anyone in your position at all.