US Wages increased 5.2% over the last year while consumer prices (CPI) rose 8.5%. How are Americans still spending given this enormous gap?

They're saving less (savings rate at lowest level since 2009) and borrowing more (consumer credit increasing at fastest pace since 2011). pic.twitter.com/FhY1GJS6Jv

— Charlie Bilello (@charliebilello) September 8, 2022