Angle down icon An icon in the shape of an angle pointing down. YOLO spenders have taken on a massive amount of debt recently. Getty Images
- The US has a “super-duper” credit bubble on its hands as “YOLO spenders” take on massive debt, David Rosenberg said.
- US household savings are quite low at 3.7%, while consumer spending bulged by $208 billion last quarter, financed with debt.
- “As far as consumer credit is concerned, the default cycle isn’t merely looming. It’s arrived.”
Today’s consumers — or rather, “YOLO spenders” — have taken on a massive amount of debt, top economist David Rosenberg said. And it’s created a big bubble in a pocket of the US economy.
“There is no acknowledgment today that, yet again, we have a super-duper credit bubble on our hands,” he wrote in a note on Thursday. “It isn’t just about fiscal recklessness at the government level; the…
