2. Consumer spending: Consumer debt is at an all-time high and price increases from tariffs are finally happening as importers and US manufacturers dependent on imported materials can no longer absorb the extra costs; the spending boom *might* last through Christmas, but it is unsustainable
3. For the first time in more than 80 years the USA is losing its edge as an arms exporter; recent moves by the Administration have caused our biggest customers to start looking elsewhere
[contd]