Luke Gromen says U.S. consumer spending growth is being driven by asset inflation, not wages. He argues net capital gains and taxable IRA distributions account for 200% of spending growth, warning that without rising asset prices, spending does not expand.
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Luke Gromen says U.S. consumer spending growth is being driven by asset inflation, not wages. He argues net capital gains and taxable IRA distributions account for 200% of spending growth, warning that without rising asset prices, spending does not expand.
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