Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
GDP, which has been driven by AI capital spending, cannot fall back on a debt-burdened consumer when the disappointing performance of these technology investments causes retrenchment. The current complaints of anemic demand lodged by retailers and consumer goods firms have persisted because of a prolonged consumer fatigue. The depletion of the pandemic savings surplus has had the foreseeable effects on spending and debt delinquencies. These consequences are likely to persist to the detriment of retailers and consumer goods businesses.
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