In short, the administration’s refrain, echoed by the media, that inflation was defeated was not merely a lie. The opposite turned out to be true. Consumers are tapped out. Credit card debt is at an all-time high of $1.13 trillion, with an average balance of $6,360, also a record. Americans spent 11.3% of their disposable income on food in 2022, the highest share since 1991. How can they afford anything else if food, cars, and shelter costs so much? The frightening answer is, of course, personal debt, which reflects (and is induced by) the governmental debt.
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