Executive Summary
David Rosenberg presents a contrarian economic framework where surface-level GDP strength masks fundamental fragility through unsustainable wealth effects. His analysis reveals three quarters of zero real disposable income growth—historically unprecedented without recession—while consumer spending continues via declining savings rates driven by equity market gains. The 83% of employment excluding health/education contracted 125,000 jobs in 2025, creating what he terms 'jobless and incomeless pro...
Key Investment Opportunity
Food Deflation Margin Expansion
Agricultural commodity collapse creates significant margin expansion for food retailers as wholesale costs decline while consumer prices remain elevated
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