Not doubting that chart, but it's worth a bit of skepticism.
If people are making more money relative to inflation and the workforce participation rate has been steadily rising, then why is credit card debt at record highs and personal savings at near record lows? That should imply that people are buying tons more stuff than they used to, because if you make more money, don't save the money and you still need more credit where does the money go?
If people are making more money relative to inflation and the workforce participation rate has been steadily rising, then why is credit card debt at record highs and personal savings at near record lows? That should imply that people are buying tons more stuff than they used to, because if you make more money, don't save the money and you still need more credit where does the money go?