US economist warns Americans to ‘hunker down’ and ‘save your pennies’ as economy overheats

When looking at the gas pump meter or prices of canned soup on grocery store shelves, many Americans are still feeling a cost of living crunch that’s burning holes in their wallets.

global economist warned, U.S. consumers will soon have to "hunker down" in preparation for an even more "painful" economy.

"Indeed save your pennies because unfortunately, the economic outlook is going to get worse before it gets better," "So being conservative, careful with your credit cards… It is a time to hunker down and to try to maintain your savings rather [than] get further into debt."

Using one word to describe the state of the economy, it’s "overheating": declining manufacturing activity, consumers pulling back, "egregiously high" everyday prices, "a way too tight" labor market with too much government spending.

A new analysis from Moody’s Analytics found consumers are spending $709 more on everyday goods in July compared to two years ago. One-third of all U.S. households spent more than 30% of their income on housing in 2021, according to recently released data from Harvard’s Joint Center for Housing Studies.

In addition, data shows Americans are holding off on having children with a declining national birth rate and hospitals closing maternity wards.

"Soup prices are 30% higher than they were pre-COVID. You have similar trends in a lot of food products. It's not just restaurants that have raised prices significantly, it's also in the grocery store, which is creating, I would agree, a cost of living crisis for many, many individuals in the country today,"

While inflation might be the economy’s biggest hurdle, according to the economist, an impending recession will put additional pressure on all wealth groups.

"It's not just going to be low-income workers that are going to get laid off. It will be across the board,"

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