Saturday, Andy joined Maria Bartiromo’s Wall Street to speak about the week’s market news and how the US is heading towards a recession. Andy and Maria discussed how consumers are starting to dip into savings to pay for essentials, such as groceries and gas, and real disposable income is negative – people simply don’t have as much money to spend. Andy pointed out that businesses are feeling the same contractions and starting to spend less by doing things such as hiring less and reducing inventory. Andy commented that a lot of this feeds on itself, “It can become a snowball rolling down a hill if things don’t get under control, because businesses react when they see consumers react, and that’s definitely what’s happening in the economy today.”
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