Powell's Conundrum - A Consumer That Just Won't Quit

"The number of Americans rolling credit card debt from month to month is now higher than the number of people paying their bills in full for the first time ever.

Americans are buried under more than $1 trillion in credit card debt. Credit card balances increased by $45 billion between April and June alone. Meanwhile, credit card interest rates have climbed to 20.6%."

More people are carrying a balance than are paying off in full each month. A first.

Great Americans today are not the Great Americans of 30 or 40 years ago.  The mindset of Great Americans today is not the same as it was decades ago.  If it were the same, they would have already slowed down on their spending in the face of high inflation and rising interest rates.

Today's Americans are in fact a special kind of stupid compared to their grandparents.  You might even go so far as to say brain dead by comparison.

But, this is a fat-assed debt zombie consumer creation built by the government and large banks.  If you doubt that, just read a book titled "Maxed Out" about how the government partnered with large banks to offer the first credit cards to the well heeled back in the 1960's in an effort to make credit easily available which would then "juice the economy".