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The biggest items for most are housing costs and what you drive .
5.4 Million here in nyc got no rent increases since the stabilization board voted no increase .. rents here are actually down with many buildings , even ours offering one month free.
Mortgages could have been refinanced last year at record low rates bringing ownership costs down .
My car cost the same pretty much ,less driving at higher gas prices and lower insurance costs
Last edited by mathjak107; 04-19-2021 at 08:24 AM..
Seems to me prices are up on everything. Checked car rental rates lately?
Or shopped for a vehicle, new or used?
High consumer demand coupled with a manufacturing shortage of microchips — key parts needed for today’s autos to operate — have pinched new-car inventory at dealerships across the country. And with drivers seeking affordable options for hitting the open road, the used-car market isn’t offering much of a reprieve. https://www.cnbc.com/2021/04/16/car-...nventory-.html
Grocery prices are up big. According to USDA data released last week, the Consumer Price Index for grocery store or supermarket food purchases last year was up 3.5 percent: That's not only a significant jump from 2019, where these retail "food-at-home" prices were up only 0.9 percent from the year before, but also well above the 20 year annual average of 2.0 percent and the highest annual increase since 2011. https://www.foodandwine.com/news/gro...eased-pandemic
Gasoline is going to hurt more than people think. The effect has been mitigated by so much WFH and some things still shut down. Gasoline prices were the biggest contributor to the monthly gain, surging 9.1% in March and responsible for about half the overall CPI increase. Gasoline is up 22.5% from a year ago, part of a 13.2% increase in energy prices. https://www.cnbc.com/2021/04/13/us-c...arch-2021.html
Thing is, all of this including the gasoline can be explained by supply chain issues screwed up by covid.
Thing is, all of this including the gasoline can be explained by supply chain issues screwed up by covid.
The consumer doesn't really care WHY prices are higher just that they ARE. Forgot to mention building materials and real estate prices are booming, too. Just got notice of a natural gas rate increase.
all that is paid is interest on the deficit . just as i am paying the lowest taxes of my life today so will other generations more than likely. unless we collapse , then game over anyway
We are paying low interest only because those buying the bonds still have some hopes that the government will eventually balance the budget. Same way as you credit card company increases your credit limit while it thinks you will keep earning money at your job.
As soon as other nations and people lose that hope (and they will do it soon enough) - there won't be anyone willing to lend us money at 1% while we are printing trillions and then tens of trillions.
So there are only two ways out of this hole:
1. We balance the budget and creditors keep lending us.
2. The collapse.
And the way things are going right now with MMT embraced by both parties and people brainwashed by progressives to demand free this and free that - #1 is never going to happen. No politician would even hint about this anymore since everyone believes in magic MMT that can solve every problem by just printing another couple of trillions.
So yes, the collapse will happen. That is a given.
Game will be over, but don't forget that we will have to live those post-collapse times. Go read some books about great depressions. Might give you some insight of what is coming.
We are paying low interest only because those buying the bonds still have some hopes that the government will eventually balance the budget. Same way as you credit card company increases your credit limit while it thinks you will keep earning money at your job.
As soon as other nations and people lose that hope (and they will do it soon enough) - there won't be anyone willing to lend us money at 1% while we are printing trillions and then tens of trillions.
So there are only two ways out of this hole:
1. We balance the budget and creditors keep lending us.
2. The collapse.
And the way things are going right now with MMT embraced by both parties and people brainwashed by progressives to demand free this and free that - #1 is never going to happen. No politician would even hint about this anymore since everyone believes in magic MMT that can solve every problem by just printing another couple of trillions.
So yes, the collapse will happen. That is a given.
Game will be over, but don't forget that we will have to live those post-collapse times. Go read some books about great depressions. Might give you some insight of what is coming.
We have not embraced MMT, let alone adopted MMT....not even close.
We are paying low interest only because those buying the bonds still have some hopes that the government will eventually balance the budget. Same way as you credit card company increases your credit limit while it thinks you will keep earning money at your job.
As soon as other nations and people lose that hope (and they will do it soon enough) - there won't be anyone willing to lend us money at 1% while we are printing trillions and then tens of trillions.
So there are only two ways out of this hole:
1. We balance the budget and creditors keep lending us.
2. The collapse.
And the way things are going right now with MMT embraced by both parties and people brainwashed by progressives to demand free this and free that - #1 is never going to happen. No politician would even hint about this anymore since everyone believes in magic MMT that can solve every problem by just printing another couple of trillions.
So yes, the collapse will happen. That is a given.
Game will be over, but don't forget that we will have to live those post-collapse times. Go read some books about great depressions. Might give you some insight of what is coming.
If there was another game in town, maybe. But every other country in the world who has a strong enough currency is doing the same thing, including the #2 China and #3 Euro zone. The ones who don't have a strong enough currency wish they could.
So yes, the "creditors," will continue to lend. It just so happens that the creditor and lendor are one and the same.
We are not quite on MMT but we have kind of adopted what used to be unique to Japan among 1st world countries economic policies - that maintaining 1st world status and accoutrements is more important than worrying about the debt to gdp ratio, at least up to about 200%.
In other words, using austerity to bring that debt to gdp number on your economc report down, is not worth screwing your people over. The number is an abstraction. Austerity means people feel the reality. So we will never have austerity.
How long do you think we can remain the best house with socialists taking over, 70% of the young people embracing socialism and learning social justice instead of real skills and believing that redistribution of wealth will provide them comfortable living?
While China has 1.6 billion people working their a$$es off 16 hours a day.
I don't think we have many years left the way things are going. Enjoy it while it lasts. One day you wake up to a news that no one showed up to buy another trillion of a green paper at 1% and are not interested in anything less than 10%.
what is the real reason for keeping interest rate low for years ?
Most, but not all, interest rates are set by the free market. Exceptions include market operations by the Fed to buy mortgages, when they want to help push mortgage rates down. But the majority of interest rates, are directly or indirectly driven by the Treasury auction bond markets, are not the result of direct government or Fed edicts.
Right now the 10-year Treasury yields a mere 1.5%. This is a symptom of too many dollars floating around in the world as wealthy institutions, investors, hedge funds, etc. are looking to park excess dollars. So they bid against each other at T-bill auctions and drive the rates down.
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