It is getting to be a tiresome routine–every month there are some revisions, usually in the negative direction, to important economic data. This month featured a regular every five years review process and subsequent revisions to data going back over 20 years, but including this year. And the politically driven approach of having excessively positive initial numbers that are later revised downward or upward, whichever means it got worse, continues. The essence of the revised data is that consumer spending, which is 70% of our economy, was decreased compared to the prior releases. Personal consumption this year was revised to half the initial reported number. Largely this reflects continuing exhaustion of the excess savings built up by most households during the epidemic, coupled with the stress of ongoing drops in real income, as inflation outpaces income growth. And estimates of the amount of the excess savings were reduced as well, and remain at a low level. It seems unlikely that consumer spending, especially given the state of credit card debit and interest rates, can prop our flailing economy up any longer. Wage growth is slowing, while inflation in prices of goods has actually risen and services prices continue to grow at a high level. The Bidenmentia policies of lunatic levels of spending on non-productive items, encouraging people not to work, making it hard for businesses to function rationally and draining the strategic oil reserve have hit a dead end and we are about to fall off the proverbial cliff. (ZH Post) (ZH Post)
✅ Subscribe via Email
About this Blog
The Healthy Skeptic is a website about the health care system, and is written by Kevin Roche, who has many years of experience working in the health industry. Mr. Roche is available to assist health care companies through consulting arrangements through Roche Consulting, LLC and may be reached at [email protected].
Healthy Skeptic Podcast
This is an outstanding report on total global drug spending and trends, with projections out to 2025. It helps you understand this important area of health care, which does much...
June 1, 2021
MedPAC 2019 Report to Congress
June 18, 2019
Mental health company Headway makes, well, headway, by raising an impressive $125 million round of new capital. The company connects patients with mental health providers and facilitates providers working with...
October 11, 2023
Two health care firms owned by private equity firms are merging in a transaction supposedly valued at $3 billion. HealthComp administers self-funded plans for employers and other groups and Virgin...
September 27, 2023
NextGen, an electronic medical records firm, is being put out of its public company misery, as a PE firm will pay $1.6 billion for the one-time high-flier.
September 7, 2023
Access ACO Care Management Chronic Disease Comparative Effectiveness Consumer Directed Health Consumers Devices Disease Management Drugs EHRs Elder Care End-of-Life Care FDA Financings Genomics Government Health Care Costs Health Care Quality Health Care Reform Health Insurance Health Insurance Exchange HIT HomeCare Hospital Hospital Readmissions Legislation M&A Malpractice Meaningful Use Medicaid Medical Care Medicare Medicare Advantage Mobile Pay For Performance Pharmaceutical Physicians Providers Regulation Repealing Reform Telehealth Telemedicine Wellness and Prevention Workplace