During the 2024 election, Democrats will be blaming Donald Trump for the slump in the economy. What Democrats will not tell you is the slump will be due to the falling prices of assets as Baby Boomers, born between 1946 and 1964, who have been deemed as useless and/or unemployable, will be forced to sell off assets on the cheap to make up for lost and non-replaceable income. As prices for bonds fall because of their increased availability in the market, interest rates will rise causing increased difficulty in long term, credit based purchasing and education. Those who started hoarding cash after the last so called great recession will be able to buy these assets on the cheap while enjoying the income derived from increased interest rates paid on the hoarded cash and cheap assets purchased.
Whoa onto the man or woman running for office during this period. They will not be able to use the old, “It was the last administration, stupid” argument. By this time the current growing frustration with “democracy”, on the rise now for the better part of the last decade, will reach its breaking point as market-driven democracies find themselves unable to deliver. Elected officials will have to make hard decisions as their tax bases shrink due to falling incomes and the ability of people with excess capital to build moats around themselves by replacing traditional police and community services once provided by government with the same services provided by private contractors and artificial intelligence.
As government finds it more difficult to implement effective public policy for alleviating the burdens of increased prices, it may seek more draconian approaches to reining in monetary practices while implementing more burdensome fiscal policy. Government only knows how to tax and inflict violent police action. I “pray” for the unborn and curse the current mentality that just because they have a car, a job, and can take a vacation that life is good. That delusion will have to be paid for and very soon.