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Bidenomics Aftershocks Continue
Yet another cost to Americans that isn’t factored into CPI inflation measures is interest. Monthly mortgages, which are usually the largest expense for citizens, have gone up 90+ percent, almost all of which is consumed by interest! So, instead of building up equity in a real estate asset, the vast majority of monthly cash you spend on your mortgage is essentially being tossed in the fireplace. The same goes for loans on cars, computers, furniture, and other big-ticket items. Also, if you lease something or purchase on “0 percent financing,” the interest cost is simply added by the seller to the principle. In fact, Generally Accepted Accounting Principles demand accountants record part of each payment as interest in their bookkeeping. It’s not just consumers that feel the pain. Businesses feel the effects also in their purchases, which is yet another reason they must jack up prices.
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