Michael Zdenek

Never bet against the American consumer.

We're always willing to spend money we don't have on things we don't need.

Never bet against the American consumer.

We're always willing to spend money we don't have on things we don't need.

Ow.

The fact that real spending has outpaced real income so much means that people are drawing down on savings.

And the people who can do that are the people who have those savings.

You know, they're enjoying past wage gains or past wealth gains.