Halo
Mayor
Very simply put the increasing national debt is the new primary inflation force. Here and around the world.
During Covid there was inflation (mainly because of govt. subsidies) and after Covid, when you could have expected prices to come back down the prices didn't come back down. Why? Grocers' greed? Rent seekers greed? No. People kept eating super processed foods. New Yorkers didn't move to Philadelphia. It was the consumers' greed. The greed that drives budget deficits both personal and national.
Yes, the national debt interest payment and the year to year budget deficits are now the major power behind inflation.
When they sit down and look at that $40 Trillion number. The say to themselves... we can't pay that off. But we don't have to. We just need to pay of $20 Trillion off (or pick a large number). We need to cut SS, Medicare and Medicaid. We also need to cut DoD to $500 billion. We need to pay off $1 Trillion a year for the next 20 years. Neither number in today's context is that large.
Even 20 years for most people here was a blink of an eye.
During Covid there was inflation (mainly because of govt. subsidies) and after Covid, when you could have expected prices to come back down the prices didn't come back down. Why? Grocers' greed? Rent seekers greed? No. People kept eating super processed foods. New Yorkers didn't move to Philadelphia. It was the consumers' greed. The greed that drives budget deficits both personal and national.
Yes, the national debt interest payment and the year to year budget deficits are now the major power behind inflation.
When they sit down and look at that $40 Trillion number. The say to themselves... we can't pay that off. But we don't have to. We just need to pay of $20 Trillion off (or pick a large number). We need to cut SS, Medicare and Medicaid. We also need to cut DoD to $500 billion. We need to pay off $1 Trillion a year for the next 20 years. Neither number in today's context is that large.
Even 20 years for most people here was a blink of an eye.
