The US Consumer Is Melting Down: Here's Why

While investors and economists are squarely focused on whether the US stock market has bottomed or if this is just a short-squeezing bear market rally, and whether the US economy is still growing or - as the Atlanta Fed GDPNow tracker strongly hints - is rapidly shrinking, a far more troubling problem has emerged for the US economy and the Trump administration: the US consumer, and especially the lower income cohort, is now fully tapped out.