So what will power the spending needed to keep the economy out of recession?
We'll find out next quarter. and the quarter after, and the quarter after that and...
From the Federal Reserve Bank of St. Louis' FRED database updated October 27, 2022:
One of the reasons we've been babbling stuff like:
October 18 Ahead Of A Big Week of Earnings Reports
Although there is some skittishness among the commentariat regarding the earnings season that began in earnest last week, the quarter just ended won't be the scary one. It's the fourth quarter that will show just how the various spending measures, capex, consumer, government etc. will compare to the end of the Happy Time™ in 2021, and how that spending comparison will impact sales and earning going forward....
And those savings are not going to be replenished any time soon. At ZeroHedge, October 28: Americans' Savings Rate Plunges Near Record Lows As Inflation Overwhelms Income Growth
....All of which means the savings rate plunged to multi-decade lows at 3.1%, just shy of the record low 3.0%...
See also the Second Battle of Bull Run (Second Manassas) in the American Civil War:
"The Diehards" by Don Troiani.
Rebels of the 2nd Louisiana Brigade, "out of ammunition, throwing rocks."
