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The great American boom running out of steam leaving mountains of debt
High borrowing and low personal savings are dashing hopes of an economic soft landing
A Chancellor Reeves would be compelled to cut spending and tighten budget policy, in a destructive pro-cyclical fashion, unless she could summon the courage to ditch our toxic, anti-investment fiscal rules and reestablish macroeconomic sovereignty. The St Louis Fed says the percentage with delinquent credit card debt has hit double digits and is approaching the peak seen at the end of the dotcom bubble. It is sobering to think that the US economy is running out of steam even though the personal savings rate has fallen to historical lows of 3.8pc of GDP, four percentage points lower than the pre-Covid average.
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