It's called the buffer stock theory of savings. And so what we see right now is, is that People are really, really optimistic about the future, about their future incomes because they're spending really, really at record levels. They're defaulting at their credit card debt at really, really low levels. We just had this week the consumer, the consumer information data came out or price data came out that showed that consumption was up year over year at the highest rate in years. (01:33–01:42)
STATEMENT
Asserts that consumer optimism is high, reflected in record-level spending.
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