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Originally Posted by todeen
The economist I read says the new normal will likely not be 2% again. Economists will be happy with 3-4%. So we might now be back to normal.
Not being political, but Pres Trumps tax cuts and import/export war with China caused inflation before COVID. The trade war with China caused prices on clothing to soar even before the factories shut down. My mom, a quilter, was complaining about prices of cloth in 2018. Both economic policies had unintended consequences when paired with COVID and stimulus legislation.
Trumps replica across the pond, Liz Truss, tried to pass tax deductions in 2022 (while already mired in deep inflation) and lost her job after just 6 weeks.
The US is going to see a lot of belts tighten significantly after Christmas due to college loan payments restarting. Mine are $450/month, and I have fewer loans than the average college graduate. I also have an advanced degree. It's probably a good thing. Not sure if it will cause a recession.
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The student loan thing is a good point. For several years, that was an extra $12K per year or so that I had to spend on luxuries like baseball cards, travel, and dining out. Mine have already restarted, and baseball cards are the first thing on the chopping block.