THE AMERICAN CONSUMER ISN'T SPENDING. THEY ARE DROWNING.

US Household Debt hit $18.59 TRILLION.

• Credit Card balances: $1.23 Trillion (+5.75% YoY).
• 33% of Americans now have more credit card debt than savings.

Mainstream media calls this "robust spending."
I call it "survival borrowing."

When you are swiping a card at 22.8% APR just to buy groceries, that isn't growth. That is capitulation.

This is the end of the road for the consumer.

When the credit cards max out (which is happening now), consumption collapses.
Then the layoffs start. Then the Fed panic-prints.

You are watching the fuse burn down on the next liquidity explosion.