Are we on track for a 2020 recession? According to Benn Steil, director of international economics at the Council on Foreign Relations, all indications are in the affirmative.
“When income fails to keep pace with home prices, the latter must fall back,” the post said. “Falling home prices, in turn, drive down household spending by way of the so-called wealth effect – that is, consumers cut spending when their assets fall in value.”
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