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From ZeroHedge:

For the 29th month in a row, Americans’ annual spending grew faster than their incomes as the “no consequences” new normal rolls on, leaving the savings rate languishing near record lows – even if it did very modestly uptick in May.

. . .

As a reminder, the vast gap between extreme high confidence and the extreme low savings rate – a borrow-my-way-to-happiness narrative – has never ended well in the past…

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