This guy Furman teaches at Harvard. Taking his class will make you an idiot.
FURMAN: “Look, we’ve seen a remarkable thing. Consumers, if you survey them, are very pessimistic and negative about the economy. When they vote with their wallets, we saw- we got the consumer spending data for April and it was way up. Consumer spending on just about everything has been booming. Over the next 6 to 12 months, I’m not super worried about a recession. After that is where I start to get worried because that’s where the Fed’s policy will start having more of an effect.”
--quoted at Last Refuge
As Last Refuge makes clear, here's what the Idiot forgets: prices are up about 9% since last year. So yes, consumers are 'spending more.'
But they're getting the same amount of goods for their 9% increase in spend.
Harvard School of Idiocy.