Scott Black on the consumer

My one concern is that the consumer is stretched.  The savings rate has dropped to 3.8%, and credit-card debt is at a record $1.12 trillion, while student-loan debt is at a near-record $1.75 trillion.  It is hard to see how the consumer will continue to drive the economy in a big way.  Thus my GDP forecast is modest.

~ Scott Black, Barron's, July 13, 2024