I paused over this thought the other day, and it's been on my mind a good bit.
The US economy is in serious trouble, and it probably doesn't matter who wins in November....either Trump or Biden....because the 'game' is so rigged up.
Facts:
1. Back in January, Yahoo Finance wrote up a piece....roughly 8.7 million Americans working two jobs to make ends meet. Roughly five-percent of the nation.
2. Brookings Institute reported late summer of 2023....around 7 million American men between 25 and 54....aren't working. Zero interest, or they got a great sugar-mama to pay their bills.
3. Automotive News: Summer of 2023....they reported rejections for car loans were at the 21.8-percent (highest rate reported).
4. CNBC in the fall of 2023....reported that home loans were being denied....rate of 9.1-percent.
5. I gazed at mortgage rates yesterday. 30-year fixed? 7.34-percent. 15-year fixed? 6.78-percent. 30-year VA? 6.70.
Everyone is freaked out over the rate, and it won't return to 4-percent.
6. $18 for a Big Mac menu in California now?
If you follow the $20-an-hour wage situation for restaurants...there's a few non-restaurant workers now saying it's NOT fair, and they want the same wage.
You are about to see this massive increase in cost across the state, and people suddenly saying...no thanks, we can't afford a $15 movie ticket, or a $24 car-wash.
Whoever wins in November is stuck with a massive and decade-long mess that cannot be resolved or fixed nationally. Trying to compare it to 1929? No....even 1929 would have some fixes that were possible (with the right people, not FDR).
