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The younger crowd won't remember that as they never had it.
I remember when I worked my first job as a teen at McDonalds in the late 70's.
The only adult there was the manager.
In 2006 my son turned 16 and tried to look for a p/t job.
Took him over a year to find one. Adults are all working there now.
Hard to impossible for a 16 year old to find entry level p/t work.
The youth grew up with throw away consumer goods.
They never knew "quality goods".
So there's really no point trying to tell them that because they never had that.
True. Younger people have no idea what Made in America once meant.
To achieve true stagflation requires considerable expertise. They have to kick the ball in both directions simultaneously. The fed was expert at that in the 1960's, causing true stagflation in the 1970's. The present fed practices that but still needs more practice. Part of the problem is that there is a delay between when you kick the ball and when the ball reacts to the kick. Sometimes the delay can be years. What we might get, if they turn out to be doing it right, is runaway stagflation suddenly in a few years, in reaction to all the fed has done over the past several years. The politics of the 1980's required the stagflation of the 1970's. The end goal is to increase the difference between wealth and poverty, as an efficient way for the wealthy to get wealthier. Ask yourself who the personal friends are, of the fed members. How many of those personal friends are among the wealthy, and how many among the impoverished? It's only natural that their policies should favor their friends.
To achieve true stagflation requires considerable expertise. They have to kick the ball in both directions simultaneously. The fed was expert at that in the 1960's, causing true stagflation in the 1970's. The present fed practices that but still needs more practice. Part of the problem is that there is a delay between when you kick the ball and when the ball reacts to the kick. Sometimes the delay can be years. What we might get, if they turn out to be doing it right, is runaway stagflation suddenly in a few years, in reaction to all the fed has done over the past several years. The politics of the 1980's required the stagflation of the 1970's. The end goal is to increase the difference between wealth and poverty, as an efficient way for the wealthy to get wealthier. Ask yourself who the personal friends are, of the fed members. How many of those personal friends are among the wealthy, and how many among the impoverished? It's only natural that their policies should favor their friends.
More than that, their "friends", the Bankers and other financial tycoons (heretofore referred to as the Oligarchy), groom academic twits like Greenspan, Bernanke, and Yellen to do their bidding once they become Head Puppet of the Office of Printing Money for the Super-Rich. All of the twits end up with plum positions on hedge fund boards after they successfully make the super-rich, richer. It's an interesting little game they play while they got everyone else salivating over .25% more interest.
There has been very little inflation, there have been no adverse consequences to the low rates over the past 9 years.
What problem has this caused the US economy?
In a nutshell, richrf has the mindset common among the very old or those in kindergarten, where the only option for saving money is cash equivalents like savings accounts. When you have the very low interest rate environment we've had for so long now you can understand his frustration, which manifests itself in non-stop posts about how the people are getting screwed since he displaces his own lack of personal finance acumen on everyone else thus assuming the rest of us are sitting around stupidly watching our cash rot.
The other common themes are how the stock market is about to crash (he's been posting that gem since at least 2012) and our standard of living has crumbled. These ideas are easy to support since any official numbers that don't align with his world view are dismissed as lies and government propaganda, while using the more scientific "I talk to my neighbors" method for measuring the economy as a whole.
Hard to impossible for a 16 year old to find entry level p/t work.
I'd be interested to find out exactly what percentage of 16 year olds looking for p/t work cannot find it. For "impossible" to be true I'd assume close to 100%, which I'm pretty skeptical of. Unfortunately the only BLS data I've seen for youth employment lumps 16 year olds right in with 16-24, and young people in their 20s usually represent something different than a 16 year old in terms of seeking employment.
Hard to impossible for a 16 year old to find entry level p/t work.
I'd be interested to find out exactly what percentage of 16 year olds looking for p/t work cannot find it. For "impossible" to be true I'd assume close to 100%, which I'm pretty skeptical of.
Unfortunately the only BLS data I've seen for youth employment lumps 16 year olds right in with 16-24, and young people in their 20s usually represent something different than a 16 year old in terms of seeking employment.
Besides the destruction of Latin American economies and most European economies, right here in the U.S. we've witnessed a complete destruction of our manufacturing industry, longer hours, lower paying jobs, a longer road to retirement, a deterioration in quality of goods, services, and construction, as well as the evaporation of what use to be called a secured career job. What we have left is a society heavily in debt with no way out.
Other than that, everything is all Peechy Keen. And we haven't yet witnessed the effects of the collapse of commodities on those who depend upon it for a living. It's a fantastic mess.
This has nothing to do interest rates. It's well known that a weak dollar helps manufacturing(even though the dollar has been strong, but low interest rates obviously contribute to a weaker dollar), and deteriotion of construction what could that possibly have to do with low interest rates?
And what to do low interest rates have to do with low prices of oil?
Low interest rates do not cause low commodity prices. You are making no sense.
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