You're thinking short term. In the long term suppressed interest rates have inflated the assets that are usually financed, such as houses and cars. And now the workers can't afford those things. Inflation affects everyone, but when the wealth y have quadrupled their wealth, even a 50% haircut due to inflation means they're twice as well off. The rest of us however have not experienced a similar increase in wealth, and are there for much more affected by inflation. Fuck with the economy at your (our) peril.
Food is not financed, so that's not a factor. And for those who are financing food, they are way past the interest rate mattering.
You are delusional if you think property tax primarily affects people who are "entirely way too well off."
Honestly it's kind of hard to conceptualize anything after that statement. It indicates that you live in an alternate universe.
Also, ethical arguments don't have to take into account second and third order effects? What? So ethics only matter on the date of legislation? Honestly if this is how you think about anything it starts to make a little bit more sense that you support these emotional "fairness" policies.
Sure, this is a Biden problem. It was a trump problem. It was also an Obama problem. And it was definitely a bush problem since QE was invented under his watch. But really this was a Nixon, Johnson, Carter, Reagan, and Bush H.W. problem too since we unpegged from gold in 71.
Yeah dude, once again, second and third order effects. I care more about my children and grandchildren having a brighter future than I do the continuance of cheap TVs and meme stocks. The sooner we jam a stick in the spokes of modern monetary theory, fiat currency, and Keynesian economics, the better. We are now in a economic cancer situation. Taking the chemo now is going to suck, but it's going to suck a whole lot more if you wait till stage 4.
Biden is not tightening. Powell is tightening. To the great consternation of many Democrats. And don't worry, when Trump wins the election it will be the Republicans spending trillions that we don't have. There are no responsible parties anymore. However the real problem is that we aren't actually tightening yet. The drawdown of fed assets has been exceeded by the drawdown in the reverse repo facility, which is why liquidity has increased rather than decreased. Once the RRP runs dry, if, and it's a huge if, the Fed continues to tighten, only then will we see the effects.