Wait until the second half is done.
This is going to be ugly.
https://www.marketwatch.com/story/u-s-stock-futures-slip-as-investors-await-fed-chairman-powells-jackson-hole-address-11661508928
Investors await Powell's address?
That was published 24 hours ago, before the Powell speech, and the contents were updated last evening just before 5:00 PM.
But the pain surely ain't in the Fed.
The only pain described in the story is in households, businesses, families, not in the Fed.
Those Fed guys are rich, and get paid very handsomely.
The top 100 employees each made $274k or more in 2020. They are all named, here.
That puts them in the top 2% of all wage earners in the US.
They're the elites.
They experience no pain.
The Federal Reserve System had 23,517 employees in 2021, with a total system operating expense of $5.7353 billion, or about $244k per employee.
They live in a bubble.
Everybody's just phonin' it in and getting the hell out of Dodge for the weekend.
Especially Drudge.
81% also support cutting benefits for those same earners whose Social Security taxes would soar.
Meanwhile, 64% support increasing the minimum monthly benefit from $951 to $1,341.
More.
Equity used to mean everybody had a reasonable expectation of receiving what they put into the system, but that stopped being true for high income earners in the 1990s.
Last year, a person making $200k taxed at the current 6.2% rate for 30 years would have to live 10 years beyond full retirement age of 67 to recoup all his contributions at a 2021 maximum benefit level of $3,113 per month, or to age 77.
Life expectancy in the US fell to 76.6 years in 2021.
From the story:
Canceling $10,000 per borrower would cost around $321 billion and completely forgive the loans of about one-third of student loan borrowers.
This is all BS, of course. Millions of those borrowers can afford to pay off their loans themselves.
Student loans are another form of welfare for far too many borrowers of color, who dig themselves into a deep hole with government and education establishment encouragement and never get a degree, both of which also profit off the scheme. Meanwhile colleges continue to increase the cost of tuition knowing there is a ready source of government loan funding to pay for it.
Forgiving student loan debt without paying attention to income will inevitably be a handout to millions upon millions of high earners like Representative AOC who drives a Tesla Model 3 while reducing the average black loan balance by less than 20%.
If you make over $74k you are in the top 20% of all wage earners in the United States in 2020. You can afford to pay your obligations. AOC is in the top 4% of all wage earners.
Handing $10k in loan forgiveness to American elites isn't a vote-buying scheme. It's a Democrat patronage payment.
Year over year Apr-Oct 2021 US COVID-19 cases are up 71% from 9.02m to 15.45m; deaths are down 14% from 226,208 to 193,877.
. . . and yet he still insists on the principle of non-violence from the people to put it down. We should just sit there and take it, watch our cities, businesses and homes burn down while the government does NOTHING.
I don't expect normie conservatism EVER to advocate watering the tree of liberty with the blood of tyrants and their mobs.
This is because normie conservatism is really just Republicanism. Its roots do not go back further than Lincoln and his "project" for racial equality, which was in truth nothing but a demagogue's ploy to keep from losing a war. And because of this it has disarmed itself for every other political conflict except for the cause of racial equality. For THAT they will gladly destroy the country and see it destroyed, but otherwise won't lift a finger when BLM and Antifa come knocking.
This is why Republicanism failed to stop the income tax and women's suffrage, Social Security and the welfare state, abortion and gay marriage, and a whole host of other things large and small they said they were against over the years but on which they eventually caved, and then eventually championed. It's the reason "conservatism" has failed, because Republicans aren't conservatives. They are, according to their own lights, simply better versions of Democrats.
For this reason Republicanism can never be about the American Founding, protest to the contrary as it may, boast otherwise as it may. Lincoln destroyed the Founding and redefined the country, by force of arms!, and Republicans are stuck with it, and we with them, unless someone can recover the original spirit of liberty. And Democrats exist to never let them forget it, to make them live by their new principles which only tie their hands and guarantee their ongoing defeat.
Meanwhile, don't look for the Founding spirit from Noon to 3 let alone from 6 to 9. Instead look for more of the same game played by Rush Limbaugh, the "they're the real racists" game.
Race, race, race. Black unemployment was never lower than under Trump. Hunter Biden said the n-word and the fag-word and gets away with it. Blah, blah, blah, as your kid can't find a decent job to start his own life.