Loading ...Public enemy number two is the labor dept that constantly under reported the true inflation rate, to hold down the minimum wages and social security payments.
This country went from High school graduates in 1962 and before, getting a substantial pay entry level job, buying new muscle car with a three year loan, getting a three room apartment, leaving home, getting married a few years later, and by 1967 two kids home with mom.
These days? I hear they go to college, and come out with $50k or more debt, and can’t get a decent job and don’t or can’t leave home. Car loans for imported cars are FIVE years now. Lack of spendable income.
The result? The crash in 2008. Lack of savings accounts, lack of adequate spendable income. Extreme low deposit rates. A $20 trillion national debt. Lack of spendable income results in Lack of gov’t tax income. Less wealth to tax. So the gov’t borrows because because they are under paid by taxpayers, and the gov’t doesn’t have the balls to collect proper income taxes.