There is nothing better than finally finding a way to tie an April Wine song into modern monetary theory and the state of the economy in the United States this year.
As wildly immature as it might sound now, that song was considered offensive in 1982 and collegiate professors wanted it banned on the college radio station. Needless to say, there were lot’s of requests for it during finals.
Now that I’ve bored my readers with old boomer music memories, just how does a semi-hard rock band from the 1980’s relate to the recession this author thinks our nation is now mired in?
If you see:
It has been a day or two since the financial used car sell you a quality equity media used the “K shaped” recovery term, but at this moment in time, it is totally appropriate.
The upper 25% of the population is getting by fine or thriving.
The lower 75% of the population is living paycheck to paycheck, missing house, car, medical, insurance, and probably credit card payments also.
All one has to do is review the headlines or read quarterly reports from banks and credit card companies:
Gen Z lean on credit more than millennials did and racking up more debt
Credit card debt: Renters and poor people are falling behind
Auto loan delinquencies keep going up: What to do if you can’t make car payments
Auto lenders see consumer loan challenges in 2024
Medical industry increasingly refusing to perform surgery until full payment. What can patients do?
Their first baby came with medical debt. These Illinois parents won’t have another
15 million Americans still have medical bills on credit reports
‘Buy Now, Pay Later’ Has Americans Racking Up Phantom Debt
A payment method that some call ‘phantom debt’ just hit a new record
Those stories are indicative of just how bad the situation truly is for the lower and middle class and now it is getting worse. Inflation is hitting affordability for everything from car insurance, homeowner’s insurance, medical treatments and even buying food for the dinner table.
Concerns Grow Over Food Affordability Amid Biden’s Economic Optimism
Food Affordability Crisis Looms as Farm Bill Debate Heats Up: Millions at Risk of Hunger
‘We’re barely able to keep enough food on the shelves’: Food banks brace for summer
West Texas Food Bank sees longest line for food since pandemic
Inflation cuts donations to CT food banks, while pantry lines grow
I do realize that “list” articles are boring but so are some of my geeky chart articles. But those stories are the right side of the “K’ to the downside. The destruction wrought by 24 years of absurd economic policies and abstract theories being applied to save the politicians and financial elites is now coming home to roost again; just like the 2008 crash.
Meanwhile for just a small sampling the stories reflecting the upward side of the “K”, please, enjoy. And try not to shed too many tears for people enduring problems like this in their lives, money is stressful.
Bark Air promises a first-class ride for your pet — for a hefty fee
They Love Their $14.95 Million Hamptons House. The Problem? Their Dog Hates It
Woman seeks help after cleaner used bleach on her gold toilet bowl and left unremovable white stains
That’s a tough one there, can’t help ya babe.
Then there is this classic from a friend of mine at the Miami F1 race this past weekend:
Without going on and on about yacht prices, expensive car issues, and how people are bitching about first class being removed from most domestic flights (that one sucks btw), I think my readers get the idea.
The majority of people are crashing and burning and if their 401Ks do also, the upper 25% do not care.
Besides, if those in the falling leg of the K need a second job, they have to get it now before all of Biden and Trump’s “migrants” get them first. America is about to endure another big recession after these mini-three to four month ones, so get prepared for the worst as the financial institutions and government’s ability to fund itself are going down with everything else also.
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