This guy is pretty smart, thanks for sharing.
What I will say is he is making the right points about the overall economic conditions but he shouldn’t underestimate the that people can feel pretty safe in their personal economic circumstances and have doubts about the broader economy.
I shared a poll earlier in this thread showing Biden’s numbers are low on the economy, crime and immigration and that led to this back and forth with froggy food stamps where he is arguing the economy is bad and woe onto Biden because inflation structural (even though he hasn’t articulated that it’s what he is arguing) and while that is wrong the sentiment he is sharing is relatively accurate. Americans are not familiar with inflation and don’t really know what to make of it, and it’s just natural to fear what you don’t understand.
Inflation will correct soon enough but not soon enough for most people. What Biden and the Fed are facing in the wake of the receding pandemic will be a labor shortage and a strong dollar and there really isn’t much in the tool kit to fight deflation. And that might sound great, paying less for things but deflation can absolutely wreck an economy.
Anyway, the dude is smart but we are in for a bit of a rocky road next year.