Continued Destruction of the American Economy
In addition to inflation, which the Biden Administration blames on everything (COVID19, the War in Ukraine, Ultra-MAGA terrorists, etc) except its own policies, and the existence of “supply chain problems,” which no one in the administration can identify, let alone solve, and the loss of the dollar’s privileged position as the only reserve currency in the world, now the future retirement of America’s lower and middle classes is in the cross-hairs. Since Biden took office, it appears that retirement funds have lost about six trillion dollars in value.
This is based on a nominative value of the equities market of $28 Trillion, retirement programs constituting 37% of all equities’ value, a 6.2% core inflation rate, and a drop of about 20% in the nominative value of equities. This is a back-of-the-envelope calculation by a guy in his pajamas on supplemental oxygen 24/7 because he’s in danger of simply going to sleep and never waking up. I learned 25 years ago that JP Morgan (before it acquired Chase) spent half a billion dollars on proprietary software every year, so I have to assume at least half the country is better at these calculations than I am.
If I’m right, we have something to look forward to. After having the entire world shut down, resulting in kids with near-zero risk wearing masks for a couple of years in order to save 0.2% of COVID deaths, we can retire on our defined contribution accounts, limited to three percent a year while inflation and the stock market rapidly erode our retirement principal, and inflation directly reduces the value of our retirement by twice the maximum raise.
As a bonus, we get to watch our children drive all over the landscape seeking formula to feed their babies. Let them eat cake, I say. In fact, I’m going to compose an epic tweet about all of this, once I find my old Twitter account and beg Elon Musk to let me tweet again after I promise never to mention Hunter B!den, or Ch!na again. Ever. Never ever. Cross my heart and hope to d!e.
Continued Destruction of the American Economy
I know little about economics, except for my own, and so far I don't feel personally threatened in that regard. What is very disconcerting is the way he talks about money, money, and he's throwing it anywhere and everywhere. For me he has created a sense of chaos. Hundreds of thousands of illegal aliens crossing the border, then scattered throughout the country, and doing it during a pandemic where the American people were subject to many restrictions. Will they get money, will he spend money on taking care of them, while many are homeless and living in the streets of this country? Not to mention the millions, billions of dollars in weapons to Ukraine. Every time he opens his mouth money is going here, there and everywhere, including paying off student debt, and it feels like a free for all. It feels chaotic and out of control, especially as our national debt goes higher and higher. It feels like he turned money into meaningless paper.