Posted on 11/07/2023 3:20:06 PM PST by davikkm
There are actually more unemployed people of working age as a percentage now than the height of The Great Depression.
While the '70s stagflation was bad, the country still had a vibrant middle class and the process of gutting our infrastructure was just getting started.
Main Street was still alive in the 1970s and The Great Financialization of the 1980s and 90s that created record wealth inequality hadn't begun.
People talk like interest rates were 20% for the entire decade.
It wasn't until 1979 that interest rates climbed that high, and only stayed there for two years.
The massive interest rate did its job.
The palty 5% we currently have is barely back to the mean, and Wall Street is acting like it is an end of the world scenario.
The inflation from 2020 to now is far higher than any point in the 1970s.
Interest rates should have gone to 30% to cool this insanity.
The problem is that it would have destroyed Wall Street.
Thanks to financialization, Wall Street and the stock market is the "economy".
Without the fraudulent market for worthless stock certificates, economic activity would cease.
The 401k represents the purchasing power of what is left of the middle class.
They can't afford the lifestyle from wages.
Look around, do you see a vibrant economy with real competition?
All I see are two or three chains that represent 90% of the business in their sector.
guess that’s why my health ins just went up 60%...
All one need do is to go to any grocery store and pick a few products you buy for groceries and track the price increases.
I’ve been doing this for about a decade now and there are a lot of items that I buy that are double the price from 2-3 years ago, and they keep increasing.
And we’re paying for 30 million illegals and how many ‘refugees’?
The prices keep increasing and in most cases, the serving sizes keep shrinking. They always think the consumer doesn’t notice it.
btt
https://dsnews.com/news/11-07-2023/consumers-seeking-delinquent
Delinquent mortgage holders seeking fiscal counseling has risen 90%
At least there are no more mean tweets
“Interest rates should have gone to 30% to cool this insanity.”
In 1979 we were the worlds biggest creditor nation. Now we are the largest debtor in all of human history. 30% interest rates would early collapse the economy now. We’re painted into a corner. If we keep printing money, we get a Depression. If we raise interest rates to 30%, we get a Depression. There’s no escaping this, and this doesn’t even count unfunded mandates. Make sure your own situation is ready… It’s coming.
There are actually more unemployed people of working age as a percentage now than the height of The Great Depression...
Perspective helps.. there were ~123,000,000 people in the US back then.
Current US population..~334 million
During the Great Depression, US unemployment rate rose from virtually 0% in 1929 to a peak of 25.6% in May 1933. This was the equivalent of 15 million people unemployed.
Today’s unemployment number is roughly 6.1 million.
Percentages mean nothing without numbers.
I increased my daily income by 100% today....
Sounds amazing but...
I had $1.00 and found another.
100%
what would mexico do??
“Make sure your own situation is ready...It’s coming.”
Preach it!
I know FReepers are usually AHEAD of the curve, but if not, do all you can to get yourself debt-free and stash the cash. Do as LITTLE as possible to contribute to this current BOGUS ‘economy’ - no new cars (unless you’re paying cash), no vacations, no new housing, etc...as if you could even afford it, Right? ;)
Bullets & Beans should be your priorities right now.
No, it’s because You Voted Conservative and therefore You are considered to be a Rich Rightwinger and at one point they thought that You spelled out the word maga but then they realized that it wasn’t done in all Caps. Then there was that time when someone matching Your description tossed a lit paper bag on soros’s front porch.💩
So they popped You the 60% but don’t worry they will be back soon enough for the other 40%.🤪
if they do, it’ll be cheaper to self-insure...
Indeed. A can of Starkist Chunk Light Tuna was 89 cents a can when Trump was in office.
Now it’s $1.29 a can and a piece of sirloin at my local supermarket is $17.50 a pound.
I can’t afford that.
I’m only 1 mile away from my WM so I’m in there most days and looking for yellow-label meats and other mark-downs.
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