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Do you if the amount of consumer debt is declining? Credit Card debt has declined but I think overall consumer debt reported by Experian has increased about 6% in 2020. If the debt is increasing & we assume it is going to paid back w interest then we continue to pull more future demand forward & slow growth & inflation. In this view held by Irving Fisher & Lacy Hunt, the more debt we pile on the lower future growth & inflation will be. This is an empirical observation of over 200 years of data. Now if there is a default on the debt the you will quickly get inflation as the money supply will fill the hole left by the default.

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