Yesterday’s good news was that there will be no 25-year recession. “We should be so lucky,” is the way a New Yorker might react. Because the bad news is much worse. The logic of the “long depression” is simple. Aging populations, debt, zombification – all of which slow growth. How many old people and zombies […]
Let’s return to the examination of why the 21st century has been such a dud so far. Here’s a simple answer: $75,000 a Year From Uncle Sam!
The deadly 9-11 attacks immediately sliced a massive $640 billion from the US stock markets. But the costs didn’t end there. Bin Laden may be dead, but his ghost lives on, haunting America into bankruptcy. Here’s the rest of the shocking story:
The Dow is still within 300 points of its all-time high. Gold is sticking to the $1,200-an-ounce level like a burr on a wool sweater. It’s been there for about two years and shows no sign of getting restless.
Over the last 10,000 years, humans have tried two different kinds of “money.”
They began with exchanges based on credit – “You give me a chicken… I’ll pay you back later, maybe by helping you build a new wigwam.” When society became too large and extensive, they switched to gold and silver.
Six in ten Americans will run out of money in their retirement. According to a recent survey by Employee Benefit Research Institute, between 42% and 44% of Americans will not have enough to cover their essential living costs in retirement. And that’s just the basics…
All the “stimulus” since 2000 was a scam. It stimulated nothing but more debt – which slows the rate of real growth.
Today’s young graduates are not only the most heavily indebted in history, but also the least likely to be able to pay their debts. Median wages have been going down since these graduates were about five years old… So have economic growth rates.
Eventually, there is not enough new money coming into the system to meet social security’s obligations. This point was reached in the US system in 2010. Since then, the system has been running an annual deficit.
You’ll see why in the chart showing the retirement-age population.
We focused on the economy. We might just as well have looked at education, health care, human liberty, safety, politics or war. Almost everywhere you look things appear to be degrading. We are less rich, less free, less safe and probably less smart than we were 15 years ago.