Gregory Daco of EY-Parthenon warns that beneath the surface of a seemingly strong U.S. economy, declining real disposable income and eroding consumer spending power are forcing households to lean on savings and credit — with growth increasingly concentrated among AI investments and affluent consumers. He argues that inflation-adjusted data tells a more sobering story of slowing momentum, while the Fed stays cautious, counting on rising long-term rates to do much of its tightening work.