I can't wait for the December figures

Consumer borrowing spiked by $23.75 billion in November, more than doubling economists’ expectations for a $9 billion increase and sending outstanding credit balances north of the $5 trillion mark for the first time on record, the Fed’s latest Consumer Credit report showed…

…The monthly increase during the critical holiday shopping month was driven by higher rates of revolving credit (which includes mostly credit cards), which soared by nearly $19.5 billion — the third-highest monthly increase on records that go back to 1943.


Wages are way up. More than reported if the stats are as static as I expect.

Meaning huge numbers of younger adults have been given pay raises that were counted but just about as many were given promotions with pay that might not have been counted. The promotion might not be seen as an increase in pay because it was not an increase in the job’s pay. It is a different job. That goes for upward mobility as well to different companies. These guys can afford to take on mortgages.

Also promotions with pay see a compounding of wage growth not reported because the new promotion job gets colas for inflation.

Xer’s could not get into management that easily because of how many boomers there were and lower demand in the economy with supply-side economics.

Zs and millennials are going right into management because of demand side economics and how few Xs there are.

Not only are the stats compiled for a different sort of economy but younger people in management changes the dynamics. People can afford larger mortgages when they have more years of higher earnings.

Then why the need to borrow more?

The Zs and millennials can also plan families at an earlier age with larger incomes. Larger houses for their age groups.