The Age of Making Money is Over: Middle-class is Disappearing
In the vast world of politics, economics, philosophy, and life, the true essence of joy lies in the middle. The middle class. Why our society has decided to destroy that joy is beyond me.
Only three places in the entire U.S. still offer a taste of middle-class living: Arkansas, West Virginia, and Puerto Rico. Why? Because these are the only spots left where a minimum-wage job can cover the rent. Everywhere else in America, we’re fighting for jobs and drowning in debt.
Mortgage rates keep rising. Auto interest rates keep rising. Savings interest rates are stagnant.
This is the part where they force poverty on the middle class.
Middle Class America Died in 1980. Now All You See Are Ghosts.
Post WW2, America experienced an astronomical population surge with a mind-boggling 78 million babies born in just two decades. This resulted in a staggering 40% growth in the US population and a significant 30% boost globally.
Why does this matter?
Because it meant too many people saturating the workforce at once.
American wages have remained stagnant since the 1970s, shattering the hope of a thriving economy for all. While wages stood still, asset prices like stocks and real estate, skyrocketed, leading people to accumulate debt in pursuit of their dream retirement.
Forget about the modest home, decent job, and resources to raise a family. The American dream has evolved. It’s now imagining money as water and pouring it into a bucket with a hole in the bottom.
Besides the outs that investing in crypto and tech provides, the time to make money relatively easily is done.
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The Number One Fear is “Currency Debasement.”
As a kid, I got schooled on the shady business of currency debasement thanks to this badass video game called Bannerlord. Picture this: printing as much money as you want to make you and your friends rich, and if you’re making coins, you can skimp on the good stuff and create them with less valuable metal.
The problem is that if you mint subpar common currency for your own needs, it’s the same as counterfeiting. So you not only start to make your citizens poorer, you also piss off other nations who use your currency.
That’s what is happening in the United States right now.
While everyone is worried about 3.5% inflation, the real issue is the ongoing 8% per annum debasement of currency, on top of inflation.
Your hurdle rate to break even is around 12%, which is the 10-year average returns of the S&P 500…just to keep your purchasing power. pic.twitter.com/XxHkIa3QLS
— Raoul Pal (@RaoulGMI) April 9, 2024
Rich folks stash their cash in stocks, crypto, and other assets to dodge debasement, driving the prices sky-high. Meanwhile, your savings account pays peanuts thanks to the same debasement. And let’s not forget about those stagnant wages.
Other nations are also creating other currencies because they’re annoyed at the U.S.’s constant debasement of its currency.
Bitcoin may really have a chance…but I could also see it being seized or banned by governments that fear it will challenge traditional currency.
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What’s Next For the American Middle Class?
During the Roman collapse, we saw:
- Currency debasement
- Further Centralization of government
- Overextension of empire leading to wars
- Increasing rioting as currency debasement and poverty started to be felt
In this period, we see:
- Currency debasement
- Centralization of government
- Tension with China and Russia (overextension)
- Increased rioting
Make up your own mind what this means.
But America needs its middle class to survive.
Technically speaking, “middle class” is the middle 60 percent of the income distribution. Ironically, when defined this way, the middle class cannot shrink. It can only get better or worse off — and things are getting worse.
American millennials in their 30s have accumulated a staggering $3.8 trillion in debt since 2019, as reported by the New York Fed. That’s a whopping 27% increase.
It didn’t help that most 18-year-olds were told by everyone, including the universities, that there was no such thing as a bad major and that earning potential after a degree makes the student loan a no-brainer.
We have to decide what’s important and worthwhile in life — and it’s a shame that poor governing and Fed policy over the last 40 years has led us here. But it’s where we are.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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