> This is not a spending problem. Families spend less on clothing, food, and appliances than a generation ago, adjusted for inflation. [19] The increase is entirely in fixed, non-discretionary costs: housing, healthcare, childcare, education.

I bet the explanation for this is that non-discretionary costs got higher, so people pulled back on discretionary spending. I do wonder if maybe people intentionally pulled back on discretionary spending despite small wage growth over time and capture was performed by housing, healthcare, and childcare. Or incentives by the government caused it. I have no clue.

It's because they don't have money to spend.