>inflation "normalizes" back down to 2% which is still 430% over the original buying power of the dollar
>we saved the economy, guys!
There are few things I hate more than corporate journalists and blue check talking heads.
I'm curious to see the reaction when it's still 15$ for a McDonald's meal and the TV says the fed "solved" inflation
Literally bought a 12 pack of soda for a party and it costed 10 bucks.
If it's 2% then you he won't feel a thing when I do the deed.
None of that is true
Most convenience stores in my area now price a 20oz Coke at $2.79-$2.99 now.
@matty And on top of that they're lying about the 2% inflation rate. They rigged CPI. Again. They'll keep rigging it and lying even when you're paying $100 for a loaf of bread.
Federal tax revenues only cover 70% of federal spending. They have to borrow $2T more every year now, and that number will only rise faster and faster. Interest on debt is currently at 20% of tax revenue, and the Fed is having a hard time selling treasuries for low rates.
Right now some mild austerity could stop the bleeding; something small like complete elimination of Medicare and Medicaid. (Complete elimination of the military would only get you half way there...) Then the US could slowly pay down the debt, in theory.
The bigger percentage of the budget taken by interest payments (the long you wait until balancing the budget), the more severe austerity is needed. Once taxes can no longer cover the interest, you're hosed. Then the only options are direct wealth confiscation (Argentina) are hyperinflation (Venezuela). You can't even welch on the debt because half of it is owned by Americans, and by that time nearly all of it will be; it would just be wealth confiscation with more steps.
Most of us don't have a butler to do our shopping so we know full well nobody's seeing 2% Y-o-Y on anything that matters.
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@ned @Sirpantangelini @matty Iām down about 20 grand in a year thanks to the cost of everything skyrocketing š