And we are on the hook – one way or another. Student loans keep getting larger... and can never be discharged in bankruptcy. Hospital bills are soaring... funded by payment plans and harassment from collectors. Credit-card debt, mortgage debt, personal debt – all are rising. For politicians, this desperation is an opportunity to win an election by “doubling down” and making bigger and bigger promises that they can’t pay for... and will only make these problems worse. For example – free college and the outright forgiveness of $1.5 trillion in student loans, free money via a “universal basic income,” or free health care via “Medicare for All.” But it will be an unrecoverable disaster for most Americans. However, we did recently read with interest a presentation about America’s huge wealth shift... and perhaps the end of American capitalism as we know it. If you’re interested in reading it too, click here.
Steven Longenecker comment: That’s a bit pricier than the home- cooked meals I make... We’re partial to a simple roasted chicken and a few vegetables on the side. But you’re right, Martine, higher in the past decade. But remember, that’s right at the 2% inflation that the Fed targets . So most folks in Washington, D.C. actually believe that this system of inflation and debt is working exactly the way it should. I think one real thing to take action on is our run-away national debt. When was it ever OK to spend what you don’t have to begin with? We also have a looming private/personal debt crisis in this country. – Mark E. Steven Longenecker comment: You’re absolutely right, Mark. And what’s worse, within the next 10 years, two things alone will eat up ALL government revenues: entitlements and the interest on the national debt. that prices have been climbing. Inflation stats from the Federal Reserve put prices at least 20%
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American Consequences
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