We have a family tradition of visiting a local restaurant every Sunday after church. It’s all around fun: a nice family outing while supporting a local business that treats us well. The fact that we’ve enjoyed it so much made it extra hard when we chose to cut it, along with many other things, out of our budget.
Despite shopping at Walmart, Sams and Aldi and not changing our lifestyle, its now increasingly more difficult to pay the credit card every month. After this last month, I dug through the last years worth of bills and noticed an ugly trend: the food bills steadily going up. What used to be a 40 or 50 dollar Walmart visit has turned into 100 dollars. Between that and gas, any sort of buffer we normally had is now gone.
So we’re cutting. Biden-flation is now responsible for screwing over our local restaurant because we simply can’t afford to eat there anymore. Most of our friends are simply racking up credit card debt. Long term, I know that’s not going to work, so I move money around and find ways to pay it off, but its becoming harder and harder each month. Forget about planning a vacation, we’re just trying to make each day work. At some point, if it doesn’t stop, we’ll simply be slaves to ever increasing debt.
So yeah, inflation isn’t just some interesting news story to me. Its very real, and I’m watching it gut the hard working middle class, especially those that have large families and can’t just stop expenditures like buying groceries.
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In the early 80’s, Volker tightened the money supply so much that adjustable rate mortgages hit 21% apr. Tens (hundreds?) of thousands of people lost their homes. Fixed rate mortgages were no longer available. Our mortgage was fixed rate at 9.8%, but it had been issued during Carter’s last year in office, during stagflation, and pre-Volker.
As late as 1986, we had a 6.8% fixed rat mortgage.
Things will get much worse. My father enlisted in the Army in February 1941, because there was no work, and his parents couldn’t afford to feed him.
The 101st has a brigade in Romania, and the neocons are thinking of putting it into Ukraine.