Household debt at record high, personal savings record low
With the situation in West Asia worsening to once-unthinkable proportions for the United States, the economic impact is becoming just as dramatic.
U.S. bond rates are crossing 5%, the highest level since 2007; gasoline is $10 per gallon in the major cities of California, with the national average for diesel gasoline a ticking time bomb at over $6.25 per gallon.
It's just a matter of time before it hits everything that we get by diesel, by truck, not to mention farm goods, tractors.
It's going to hit everything.
I'm retired, you know, fixed income, you know, you make do, but yeah, it's out of control.
Member of Public 01
Household debt is at a record high, the personal savings rate near a record low.
What's worse, more pain is coming as U.S. President Donald Trump refuses to end his illegal war against Iran.
The official inflation rate of 31% since just 2019 reflects the multi-year economic catastrophe for the average American.
But that doesn't give the real impact. If we return to the stricter methods of calculation, which were abandoned in 1980, the cumulative inflation since 2019 would be around 80%.
Personally, I've cut back. You know, we eat a lot more beans and rice now than we do meats and cheeses.
A lot of my friends will not drive into D.C. I live out in the country about 70 miles from here. They won't drive into D.C. because they need their fuel to go to work.
So it is starting to have those types of effects.
Somebody at the gas station yesterday filled up half a tank; we stood there and talked about it and it's rough.
Member of Public 02
Many say the problem for the United States isn't just the war on Iran; it's decades of wrong or ineffective policies regarding imperialism in Southwest Asia, hyper capitalism, and the transition to greener energy.
Back in 2024, one of the big issues that we were voting on was the move to clean fuel and how we felt like that move was happening too fast.
And it was creating a huge burden on a lot of people that depended on their cars to go to work and to keep our community communities filled with many of the resources that we had been really scared about not having during the pandemic.
And here we are again.
Even though those in power are much cozier with the oil and gas companies, we are still being extorted it feels.
Member of Public 03
Inflation has returned to being so out of control that the Federal Reserve Central Bank has just been forced to hike its benchmark interest rate for the first time in three years, which will make borrowing money also more expensive.
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