Weighing in on the alleged economic recovery is Kevin Drum:
Retail sales are so strong that they’ve not only made up the decline from the pandemic, they’ve made up the decline from the entire housing bubble. We may be “missing” 5 or 9 or 10 million workers, and supply chain problems may be restricting the supply of goods, but that sure hasn’t stopped consumers from buying stuff.
Indeed. Perhaps consumers are sucking so hard on the straw that it’s collapsing.
Maybe that’s an unfortunate analogy.
