On the recordDecember 2, 2015
the consumer spending we are seeing is not largely being supported by taking on additional debt.
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congress.govthe consumer spending we are seeing is not largely being supported by taking on additional debt.
Yellen clarifies that consumer spending is primarily driven by earned income.
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I think this is an area where congressional legislation is appropriate to create an appropriate prudential framework.
The Trump tax cuts added hugely to the deficit. I wish I recalled, it was something like $2 trillion over 10 years.