Americans are swimming in debt and many have depleted savings, Credit card and loan interest rates are soaring and many Americans can't pay their loans. Keep in mind that 67% of GDP is consumer spending, and if consumer spending drops significantly, then all industries outside of government will experience revenue loss. This could lead to massive layoffs, price increases, a drop in stock values, loss of 401(k) values, hyperinflation and reductions in the value of pensions.
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