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2min chapter
Stephanie Pomboy: The "Spent Up & Lent Up" Consumer Is Tapped Out
Thoughtful Money with Adam Taggart
Introduction
Exploring the disconnect between economic optimism and the harsh reality of individuals facing stagnant wages and rising living costs, resulting in heightened reliance on credit cards for essential expenses.
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Transcript
Episode notes
Speaker 2
You're clearly seeing signs that the consumer is spent up and lent up. We got the consumer confidence numbers last week and they surprised everyone being weaker expectations were particularly weak and within that and importantly I think and you and I have talked a little bit about this Adam. The labor assessment deteriorated dramatically. So what you're seeing is consumers are clearly drawing down their saving, running up credit card balances that we know already to support just the basic lifestyle.
Speaker 1
Welcome to Thalful Money. I'm its founder and your host Adam Teggert. It feels like a tale of two economies right now. If you ask an economist, chances are you'll hear that the US is doing great. Growing faster than its G7 peers with low unemployment and a stock market back near all-time highs. But if you ask the average man on the street, you'll likely hear a very different story. One of hardship where wages aren't keeping up with the massive spike in cost of living, where companies are reducing hours, freezing hiring or actively laying workers off and households are increasingly forced to turn to expensive credit cards to fund living essentials. Which of these is more accurate and are things likely to get better or worse from here. For an expert view, we're lucky today to talk with Stephanie Pomboy, economic and market analyst and proprietor of macromavons.com. Stephanie, thanks so much for joining us today.
Speaker 2
Thanks for having me Adam, always great to be with you.
Speaker 1
Always great to be with you and we actually got to spend time together in the flesh a few months ago when I briefly zoomed into where you live for another event there. I got to say, I get to spend time with you and Wilhelmina in person. That's a joy and I hope she does grace the camera today
Speaker 2
at some point. Well, she's still talking about it. She's
Speaker 1
like, where's Adam? She's such a love. I was surprised to learn how young she was. She's still very much a puppy. What a great one. Just such a cute dog. Anyways, lots of questions here for you, Steph. Lots to talk about.
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