“Unfortunately, as the consumer credit numbers of the past three months demonstrate all too clearly, any savings that US middle class households may have stored away courtesy of stimmies, are long gone...The implications are profound: any model that projected that US spending will be fueled by “savings” can now be trashed.”
Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.
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