by Wolf Richter
Ah yes, the Millennials.
If we could just get consumers to borrow more so that they spend money they don’t have on things they don’t need in order to boost GDP and corporate profits, all would be fine. That’s the current meme among economists.
Since 68.5% of US GDP is related to personal consumption expenditures, boosting consumer spending is seen as crucial. Since wages at the lower 75% are crummy and have not been rising enough to keep up with inflation, the only other way to prod consumers into spending more is to bamboozle them into borrowing more and blowing this moolah instantly.