patrick.net

There are so many bad things that can happen.

Eg. the 10 year moving through 5%. Given all the debt we have to reissue every month now I don't even want to think about it.

Wage inflation is only going to come via price shocks to the wage-earning population we call J6P. Back in the 1970s J6P could get cost-of-living salary adjustments with employers as the system inflated up & out.

But these days many J6Ps are competing with the Wangs and Kumars of the world making a fraction of US wages, and increasing personal productivity is making many office and industrial jobs redundant even without offshoring pressures.

Plus so much of our economy is BS consumption, marketing, F/I/RE, and that's not even considering the $700 billion we're spending on war. That's seven million $100K/yr jobs, with limited actual wealth creation that will benefit us in the future.

If the US of A had a 10-K, I think we'd have a Going Concern warning from the auditors.