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Bump for later reading...
Martin Weiss has been selling doom and gloom for years. Yawn.
ping
This “administration” has DONE NOTHING to set the economy up for recovery. It will take tax relief, huge incentives to lending institutions, SERIOUS personal and business tax relief and incentives, AND A GROSS REDUCTION of socialist spending and wasteful political payoffs and vote-buying pork. So far, we see nothing but massive debt spending for political empowerment. Nothing has been done to restore the CONFIDENCE IN THE PUBLIC for investment and spending which is the backbone of our economy. This thread says it all.
Are we going to see what it takes?
An Optimist believes we live in the best of all possible worlds, a Pessimist fears this is true.
Why are we still bringing in 138,000 LEGAL FOREIGN WORKERS A MONTH in the midst of rising unemployment?
For too long, our economy has been based on unsustainable debt spending - "pulled-forward consumption". This will not and can not be restored.
I think about this from my own perspective as a J6P consumer: like many others, I have a HELOC second mortgage. We used it to put in a pool 10 years ago. Now I see that was pretty silly, but I can't undo it and I sure as hell will never do anything like this again.
I also used to have ~$10k in credit card debt, and a car payment. Now I have zero credit card debt, and no car payment. Likewise, I will never return to this kind of debt spending, no matter what the federal goverment does to supposedly "get credit flowing again".
I know I'm not alone in this new-found sense of financial pragmatism. Turns out my grandparents were right after all.
TEOTWAWKI, friends. Buckle up, it's going to be a bumpy ride.
Add to this the thread of escalating war in the Middle East (Iran, Pakistan and/or Israel), the thread of a pandemic, and the massive corruption in our government.
We live in interesting times.