Trump's economy grows on borrowed money as household debt hits 2008 crisis levels (opens in new tab)

released on May 28, US GDP grew by 1.6% year-on-year in the first quarter of 2026. This is despite energy prices rising and consumer confidence falling since the US president, Donald Trump, went to war with Iran in February.Confronted by higher prices for gasoline and a range of other everyday products, US households are spending more in total, rather than cutting back on their purchases. This defies the who expected that paying more for the basics would discourage consumers from spending mon...