The David Lin Report · Tuesday, June 30, 2026
Sam Burns notes that while real disposable income growth is near zero, consumer spending is holding up due to people saving less and drawing down existing savings. Asset appreciation in stocks and real estate has also provided consumers with equity to borrow against or sell, bolstering spending.
“Uh, overall spending has actually been positive, real spending growth because people are basically saving less.”
“Um, some of that is uh just consumers, you know, saving less and some of it is of course higher income consumers spending more of their stock market gains.”
“Of course, stock markets been doing very well. Uh and the real estate market certainly over the last few years has been has done well.”
“So, if you're in a if you own assets, stocks or houses, you know, or real estate, uh you've got plenty of sort of equity in those things, assets you can borrow against or sell, uh to to spend.”