Most people are broke and they can’t borrow… US household debt reached a record $17.1 trillion despite of rising credit rejections, driven by a desire to combat inflation.

 https://confoundedinterest.net/2023/09/09/consumer-credit-growth-plunges-in-july-with-huge-negative-revisions-wasting-away-in-bidenomicsville/

Consumer credit data shows weakening demand for mortgage refinancing as consumers turn to credit cards to cope with rising prices. Credit card debt is increasing rapidly due to inflation and reduced stimulus support. Job revisions have been negative, leading to uncertainty about the strength of the economy. Critics also question the accuracy of GDP numbers and suggest using Gross Domestic Income (GDI) for a more accurate assessment