The bottom 50% need not apply. They just get to eat the soaring costs of housing. How the Fed totally blew out the already gigantic wealth disparity during the pandemic.
Millions of people didn’t spend on two big services: rent & interest. How spending got skewed in bizarre ways.
Blames tangled-up supply chains but not what’s causing supply chains to get tangled up: The most grotesquely overstimulated economy ever.
And those who experienced the 1970s & 1980s inflation as adults expect 6.0% inflation a year from now.
“We need lower consumer demand to give supply chains time to catch up… recover efficiency… and break this vicious circle”: CEO of Maersk’s APM Terminals, one of the largest container port operators.
The first in my series of articles about how healthcare has become hellcare.
Enough consumers, flush with free money, suddenly eager to pay those high prices, particularly for big-ticket items they didn’t have to buy. Magic Mix.
Pay More, Get Less. Spending on durable goods after inflation down 10% from historic spike. But services surged, pointing to next source of inflation.
The extra $300 a week in federal unemployment benefits, on top of state UI, were designed to give people enough money to pay rent.
The Fed will trim back its stimulus, but it’s already too late, and it’ll be too little and too slow.