Household debt continues to rise, not just in total dollars, but as a percentage of gross disposable income:
Households continue to increase their total debt (Source: Goldman Sachs)
Interest rates are coming down, emboldening consumers to take on more debt.
The latest data highlights a central feature of the real economy. Americans no longer manage savings and income but credit cards, HELOCs, and mortgages in an effort to keep up appearances.
Day-to-day expenses, health insurance, housing, car payments and tuition will continue to plague Americans throughout the year ahead of going to the polls in November.
~ Addison
P.S. We just wrapped our first Grey Swan Live! of the year, with Matt Smith, publisher at Casey Research. Matt and co-author Doug Casey have just released a new book titledThe Preparation.
Quick hit: Since 2021, Matt has been operating a “regenerative” cattle ranch in Uruguay.
The Preparation: How to Become Competent, Confident and Dangerous lays out a 16-cycle skills-based alternative to traditional 4-year college degrees.
Maxim Smith, Matt’s 20-year-old son, is on his way to Thailand for an intense training course in martial arts. That’s part of cycle number 4 in the program.
Last year, he crewed a sailing vessel on a journey across the Atlantic from the Falkland Islands to the southern tip of Africa.
Our conversation with Matt was on a different plane than our usual Live! themes. It’ll be well worth your time to listen to the replay, which will be posted to the Grey Swan Live archive in the members’ section later today.
We also recommend members buy a copy of The Preparation for a young man in their lives.
If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.
