Nice piece but I have to chuckle a bit when the argument for strong household balance sheets is " they could have so much more debt" or "they were a lot more on debt earlier". I think a big thing that's overlooked here is demographics. The country is older and it's not surprising that the 55+ group carries less debt. They also spend less.
And just who are the customers of the Mag 7? A bunch of serfs who will accept meager profits forever to tithe to the Lords of silicon?
And for cash...just where can it go? Someone has to hold it, no?
Nice piece but I have to chuckle a bit when the argument for strong household balance sheets is " they could have so much more debt" or "they were a lot more on debt earlier". I think a big thing that's overlooked here is demographics. The country is older and it's not surprising that the 55+ group carries less debt. They also spend less.
And just who are the customers of the Mag 7? A bunch of serfs who will accept meager profits forever to tithe to the Lords of silicon?
And for cash...just where can it go? Someone has to hold it, no?