Why you feel like the economy is crappy even though it's not
In a recent report, researchers at investment bank and financial services firm UBS, said that there are three reasons to believe that low and middle-income people are contending well against inflation.
Inflation may be wiping out wage gains overall, but according to Mish, lower-income workers are managing to score effective raises as their pay is growing faster than those higher up the income ladder. "Although increased credit card debt might make it look like individuals with more inflation pressure are reaching for more credit card access, it's a very short-lived trend," Mish said, referencing the Pulse survey."Especially after COVID, there was a noticeable decline in credit card debt." He said that represents a turn in behavior — Americans are taking on debt again after months of paying it off.
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