US Inflation Rate is at 3.67%, compared to 3.18% last month and 8.26% last year.
This is higher than the long term average of 3.28%.
The wealthy and connected seem to be having a great big party—they found the still in the back woods....
;-)
The wealthy and connected seem to be having a great big party—they found the still in the back woods....
;-)
In my old neighborhood there was a saying:
“I’d rather owe it to you than cheat you out of it.”
Oh well … Pain is a good teacher, they say.
If my household had an income of 433k and debt of 3.3 million (same proportions as the nation), and a 5% interest rate, we would have an interest burden of 150k per year. That would leave us 283k per year to live on. We could put money toward the principle and be solvent... so long as we stopped all borrowing. We could even pay our 160k retirement & health insurance bill, leaving us 123k a year for other expenses.
But we’d have to freeze our expenses and stop borrowing, and cut our expenses in many areas.
It’s very clear that those who control the debt are determined to run it all into the ground and move onto the next target. They have no intention of having the debt paid off, certainly not by them.
No what will happen is that The Fed will become the market, like in Japan, and buy all the debt.