The economy may be transferring supply-side issues to average consumers and their ability to purchase goods due to inflation. People are experiencing job losses, destroyed 401k's, and increased food and gas prices, leading to a supply-side recession.
The United States is experiencing a step prior to job losses, where people's 401ks are being destroyed, and wages are hit hard by inflation and high food and gas prices, while home sales are holding up historically.
The inflation-driven supply chain issues may eventually hurt the everyday consumer's ability to purchase things, as companies like Walmart increase prices downstream in response to the demand. As per the speaker, we might be in the early phases of a two-phase recession.