What's really happening in America's economy (Trump and Biden spin aside)

The US economy is experiencing conflicting signals. Despite low unemployment rates and millions of job openings, there are worrisome signs. Gen Zers, in particular, are accumulating high levels of credit card debt, leading lenders to halt further lending. Economists express concerns, noting that while the economy appears robust, there are pockets of concern. Presidential candidates hold differing views, with Biden claiming a booming economy that still requires work, while Trump asserts a crashing economy. Recent labor market data reveals an excess of job openings and higher hourly earnings. Nonetheless, progress toward the Federal Reserve’s inflation target remains slow. Consumer spending, a key driver of the economy, has weakened, possibly in response to expectations of higher inflation. The increasing level of consumer debt is another red flag, as individuals accumulate more debt and fall into serious delinquency. This could lead to reduced lending and higher interest rates, potentially contributing to an economic downturn.