Q2 2024 US GDP growth of 2.8% that beat the 2% consensus estimate was primarily driven by personal consumption, but this consumption growth is unsustainable because it is fueled by declining savings, rising debt levels, and increased debt servicing costs.
causalpending
Speaker
Nomi PrinsEvidence Quote
“the savings rate has continued to decline and the amount of savings that that the average family has has continued to I'm so yeah has the savings rate has declined...whereas the debt and the cost of debt and the interest rates for that debt has increased”
Source
'Permanent Distortions' Created: These Are Economy's Biggest 'Red Flags' | Nomi Prins— David LinCreated: 8/11/2026, 1:12:12 AM
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