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Hedge funds, venture capitalists, and private equity groups control the world – and while equities markets are near all-time highs, the largess has not been passed down to the workers, who are being drowned by high inflation and debt.
The average American saw an 8.5 percent increase in personal debt over the past year, according to TransUnion.
Inflation may not be at its peak of 9.1 percent in June 2022, but cumulative inflation is up by more than 18 percent, since the peak of the COVID-19 war. That’s a yearly average of 6 percent, far higher than the Fed’s so-called “target” of 2 percent.
But don’t worry. The Bigs will keep getting Bigger.
The military-industrial complex is rolling along, pumping Ukraine, Israel, and Taiwan with weapons. Ukraine alone could cost American taxpayers $240 billion – after considering interest, according to the CATO Institute. All while the U.S. is running a deficit of 5.6 percent of its GDP – which is a historic high.
Forbes noted that the U.S. economy is exhibiting a ‘K-shaped’ dynamic, which means the wealthy are benefiting from asset appreciation, while the rest of the country is confronting higher costs and financial stress due to higher costs for food, rent, and gasoline.
Wages have not kept up.