Consumer spending has been remarkably resilient, growing for the past two years faster than consumers’ disposable incomes have and depressing their saving rate. Current trends point to a negative saving rate by 2030. But that’s nothing to worry about, explain Ed and Elias. What we have isn’t a “K-shaped” economy, with the affluent spending briskly and everyone else struggling to make ends meet, as many assume. It’s a “G-shaped” economy—generational factors explain the data anomaly. The massive ranks of retired Baby Boomers, with no paychecks anymore but plenty of assets and leisure time, are keeping spending aloft. … Also: Ed reviews “The Sheep Detectives” (+).
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