It’s time for some numbers from the government. In February, consumer spending rose 0.1% and personal income grew 0.3%. Even though the income gain was higher than the spending gain as a percentage, we are on average spending more than we have available. Living above our means in the American way, and I don’t see that changing.
Here is the detailed analysis [pdf] from the Bureau of Economic Analysis. Take a look if you have nothing else to do this weekend.
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