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🧵 2. Over $2.1 trillion of excess savings accumulated during the pandemic has already been drawn down. Only $190 billion left.

🧵 3. As credit card debt and interest rates reach record highs, consumers face a perfect storm. Student loan repayments restarting soon.

🧵 4. Rapid accumulation and drawdown of excess savings during the pandemic recession is unprecedented. Previous recessions differ significantly.

🧵 5. US consumers facing a challenging future as excessive savings dwindle, credit card debt soars, and spending binge comes to an end.