One result of all this will be no rate hike in September. Sorry, all you savers.
For many of us retirees, we're surviving. The problem is that instead of balancing our budgets with interest from savings, we're spending the principal. That's going to cut down small inheritances the middle class often got from parents and cut back on money spent on grandchildren, local economies, and housing equity (reverse mortgages). Meanwhile, younger generations have less incentive to save since there's no "power of compounding".
I don't understand how the middle class can recover, for at least the next two generations.
Good for us, working on a refi of our 30 year to a 15 year mortgage. We’ll have essentially the same monthly payment if the rate stays low enough.