re: Q2 GDP, annualized, quarter over quarter -32.9%

quote:

---

Not true for a lot of people.

---

True. I was speaking in generalities just to assess what the macroeconomic impact may be on discretionary spending. While there are certainly people for whom UE < pre-COVID wages, what I've seen is that UE > pre-COVID wages for 67% to 80% of U.S. workers. That means many people have actually had more money to spend post-COVID vs. pre-COVID (hence my >100% figure). When that drops to 70%, it should have a negative impact on discretionary spending (which is significant, given consumption is about 70% of the U.S. economy).