The Inevitable has come to pass
Since Joe Biden took office, inflation has returned with a destructive roar. Nowhere is this more destructive than among the lower economic classes. It is difficult to build intergenerational wealth with low income and little in savings. Without home ownership, it is nearly impossible. That has become more difficult due to higher interest rates.
The President doesn’t believe that excessive government spending is responsible for inflation, which is inexplicable. That is Economics 101: Too much money chasing too few goods creates inflation. When interest rates rise, they rise on everything, including houses. When I graduated college in 1970, I owed $400 (just over $3K today) and repaid it in 1974 after returning from a military tour in Europe. Today, the average college debt is about $26K.
President Biden plans to cancel $300 billion in student debt, which will only fuel more inflation. The mortgage interest rate record since he took office is:
Most polls predict Republicans will control at least one house of Congress after the first of the year, and Democrats will no longer be able to pass spending bills on a party-line basis.
2023 cannot come soon enough for me
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How was the moral hazard and inflation issue justified? It continues the notion of Modern Money Theory- print, it doesn't matter. Except the counter needs taxation to slow the economy. This gift to a few really adds little aside from the PR. And it won't alter the election either IMHO.
The current attitude toward work along with a considerable decline in productivity suggests the social engineering experiment has failed, maybe on purpose. And it might seem those in power are perfectly happy to assist in US decline - white guilt in the extreme. Still I have hopes for the 10% who always get stuff done to continue despite all the effort to hold them back.
I think the income cap is way too high. $50,000 or less is more reasonable. $150,000 - 250,000 have quite comfortable lives in many places. Not every place in America is priced like San Francisco (the common cry that 150k is poverty there).