The coming crash and crush

"I have addressed this issue many times before. All the pain and suffering we have right now, could have been avoided by Biden doing only one thing. And that would be nothing. Just don't change anything from the past administration."

How are you all doing? Are you flush with cash? Living the dream? If you are, you are in the minority. Here are the facts. At one time, making over $100K landed you on easy street. Today, according to US New and World Report, about 45% of those making $100K are living paycheck to paycheck. And that percentage is higher than it was last year! If you are making $50K a year or less, your chances of living paycheck to paycheck are about 75%. Many retirement dreams have been altered or crushed during the past two years.

That being said, if we don't fix this economy and do it like yesterday, the worst is yet to come. As the old song crooned, "These (might be) the good old days". Jamie Dimon of JP Morgan had a dire warning for us. If we don't take some evasive action like tomorrow, we are going to hit the iceberg.

First, the Fed needs to really step up their game. Dimon thinks to really cool this red hot inflation, interest rates will need to go up another 4 to 4.5 percent. That might save the economy, but would all but kill the housing market. It would make getting a mortgage as expensive as it was in the post Jimmy Carter days. But the inflation fire is that hot. 

Next, when the real recession comes in 2023, he is prepared to see stocks go down another 30%. Now that is a real correction! Those who are living off a IRA or 401k - beware - very rough seas could be in the offing. The number of people living paycheck to paycheck will skyrocket, and the great American dream might be just getting a decent meal for many of us.

More and more really smart people I listen to on media or read in print are saying the same thing. We need energy like nobody's business. How much? As much as we can possibly extract. We need to drill everywhere. We need more refineries. We need more natural gas liquification facilities. We need all types of renewables. We need more nukes. In other words, someone needs to tell Aviator Joe, that the time for playing these stupid games are over. It is time to get serious. Is it too late to turn this ship around? Might be.

I have addressed this issue many times before. All the pain and suffering we have right now, could have been avoided by Biden doing only one thing. And that would be nothing. Just don't change anything from the past administration. The economy would be better right now, and maybe, just maybe, we could go into 2023 holding on to some hope.