Snapshot · Excess Returns
US consumers have been dissaving — selling assets to fund consumption above income — for roughly 3 to 4 years, supported by wealth effects from rising asset prices.
Where this was said
At 45:40 · chapter starts 41:30
Real wages lag growth, but consumers keep spending via asset dissaving — selling appreciated stocks, homes, and crypto. This has run for 3–4 years, supported by bubble-level asset prices. [1] — Andy Constan "Real wages aren't keeping up with growth, but consumers keep spending. The reason: extreme wealth effects. Rising stocks, homes, and crypto…" 42:36
Personal consumption represents two-thirds to three-quarters of US GDP, making consumer behavior the single most important driver of economic health.
Real wages aren't keeping up with growth, but consumers keep spending. The reason: extreme wealth effects. Rising stocks, homes, and crypto let Americans sell assets to consume above their income. It's been working for 3–4 years — but dissaving has a hard mathematical limit.
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