Is the US Consumer Still in a Position to Survive a Recession?

The Liniman letter says that the consumer is still doing extremely well, albeit off of the post-pandemic highs. Households have 7% more wealth than three years earlier beyond inflation or another way beyond inflation their wealth grew 2% a year. The debt service is a little higher as we talk today than the data because it lags but it's still way below normal and so it's not that normal is perfect. We can have a good economy with normal. Some people will be hurt. There's no doubt there's always even in the best economy even at the highest well there are people getting hurt...but we can cope.