The US economy is facing a large red flag: most Americans simply do not allow to spend. George Seay, founder and chairman Annandale Capitaljoined Thestreet It is about to discuss the potential impact on the tendency and its economy.
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Full video transcript below:
George Seay: I think we should be interested in the American consumer. Last week, about 50% of consumer expenditures in Wall Street Journal are the highest 10% of income earnings, more than $ 250,000 per year. And this is not harmful to our economy. It’s not just good. Therefore, most of the most expenditures are worried that the American consumer and the most normal people are at the top of the middle class, low middle class, the pyramid. There is no more money to spend on anything right now. I think that this is the second more important weakness for the economy and more importantly for our countries. This is not a healthy situation. I would also add that the first year you purchased your house, 26 and 27 and 34 years old and 34 years old. This is really sad.
I want to say that one of the great things related to being in this country is that it is unable to have your own home and allow people to allow people to be older. And this is not enough to increase interest rates and sharply growing in sharply since the price of a great family home. Therefore, I hope we will have higher supply of houses in the market for the next 5-10 years, so more people can have their first home. We are something to cheer for all of us. Currently, this is a terrible, miserable thing about the economy. So we’ve got a lot to worry about now. But the good news is living here. This is still the best country in the world. You know, Winston Churchill’s back a day is the best home in a bad neighborhood. The world is not really excellent in the moment, but the best actor has. So we should all celebrate it. But there is a lot to worry and be careful at this time.
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