Yes, this is a real headline:
WaPo: Why breadlines and financial ruin are a good thing!
From columnist Michelle Singletary:
...as bad as things are — rising interest rates, high inflation, stock market tumbling — the economy hasn't imploded as it did during the Great Depression.
I have to say this because, as Roosevelt pointed out, fear itself can lead to actions that worsen your finances. While many people are hurting, there may be ways to cushion the downside.
She's about to tell you, folks, why a recession is good for you, because otherwise you might start thinking that leftist lockdowns, spending, money printing, and Marxist platitudes have destroyed your finances.
1. Housing prices may finally come down to reasonable levels. Yes, mortgage rates are higher, but the upside of that is that sellers in many markets will have to lower their asking prices so that buyers can qualify for the loans.
With cheap loans gone, there will be fewer bidding wars to drive up home prices.
It's not like the Fed kept rates artificially low, denied a pending recession, printed a ton of money, or that the federal government put a moratorium on landlords and sent everyone scrambling for the suburbs with rising crime and lockdowns!
For all you homeowners out there, get ready to be stuck in your homes in a repeat of the 2008 crash! Remember how much that helped everyone? I still hear people talking about how that recession was just the BEST.
2. Savings rates are up. At least one bright side of the Federal Reserve raising rates to fight inflation is banks are paying people more to hold their money. My credit union has a special 20-month offer on a certificate that would pay me a 3 percent annual percentage yield.
That would assume that the majority of Americans can actually afford to save money right now, Michelle.
Moving on...
3. I bonds inflation rate might go even higher. The Series I Savings Bond was created as a hedge against inflation. Until the end of October, the bonds are paying 9.62 percent.
Yay, more things that benefit people with money! What about people who have to buy food for their kids instead of bonds?
4. The dollar is king. Although a lot is in flux, if you have plans to travel overseas, your dollar may go a lot further.
"Go a lot further" would be true if we weren't over 8% annual inflation...
Good thing we didn't detach our currency from the Gold Standard decades ago and then pump out over 70% of the cash that's in circulation over the last two years!
As history shows us, paper money controlled by corrupt spenders always retains its value!!
5. Unemployment is still relatively low. People with jobs and money to spare can spend on luxuries such as a vacation.
What a pompous statement.
Translation: WaPo writers can afford vacations while the little people scramble to pay for food and utilities as prices skyrocket.
6. Your used car is worth more. If you're looking to upgrade to a newer car, and your car is in fairly good condition, you'll get more for your trade-in.
Okay, Michelle, and how are we supposed to afford the new car prices?
You do realize that unless I'm trading that used car for a rusted-out bucket of bolts from 1990, I'm going to lose a lot of money in that transaction, right?
7. Student loan forgiveness is coming. Roosevelt used his executive power to wage war against the economic emergency gripping the United States.
President Biden is doing something similar by forgiving student loan debt to help struggling borrowers.
Yeah, that'll only cost the taxpayers an additional $400 billion. Michelle does realize that Biden can't truly cancel debt, right? That it's legally and mathematically impossible?
It isn't magic: It merely shuffles from one person to another.
Notice how she keeps comparing Biden to FDR?
That's because the Party and Biden himself want the president to be compared to FDR.
But he's not. The inflationary cycle we are in makes him Jimmy Carter 2.0, except that's an insult to Carter.
When you're standing in line at the food bank because you're working two part-time jobs to replace the one you lost because you wouldn't get a jab and your dollar is near worthless because of Joe Biden's inflation, take solace in the fact that the writers over at WaPo will be there to tell you why it's a good thing!!
Remember, 2+2=4 and the Party is always right!
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