Posted 7/9/2024

Unlike the 20's of the 1900's, these 20's aren't exactly "roaring." The financial crisis that befell the United States in 2008 was largely due to people defaulting on their mortgage loans. Mortgage and interest rates are at an all-time high. With the median price of a home hovering around $412,000 and the price of a new car sitting around $47,000, coupled with $3.52 on average for a gallon of gas and other high energy costs, wages haven't risen as fast as the cost of living.

Update 5/2/2025

According to J.P. Morgan, they estimate that there is a 60% probability of a recession in 2025, up from 40% months earlier... Click Here.

This assessment was made, largely due to tariffs imposed by the United States on their trading partners, which some see as a hidden tax that amounts to roughly 1 trillion dollars. The Senate made a push to block tariffs, but Vice President J.D. Vance had the deciding vote. The president is pressing for interest rates to be lowered and has admonished Jerome Powell, Chair of the Federal Reserve, to do so expeditiously. Trump nominated Powell to serve as chair during his first term in office back in 2017. Investors seem to be panicked, which has resulted in the stock market being topsy-turvy the past few months. In preparation for a recession, it has been advisable to pay off as much debt as you can and have a deep pantry.