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Shocking stat of the day by The Kobeissi Letter:
US net interest payments as a percentage of federal revenues are set to reach 34% by 2054. This means that ONE THIRD of all government revenue would be spent only to service the national debt. Over the past 8 years, the percentage has already doubled to ~15% and is at its highest in 3 decades. Meanwhile, nominal annualized interest payments have crossed above $1 trillion for the first time ever. We could see $1.6 trillion in annual interest expense by the end of the year if the Fed leaves rates steady. The US government needs lower interest rates more than anyone - i.e Fiscal policy leads monetary policy. Source: The Kobeissi Letter, Peter G.Peterson
The cost of buying a home in the US rises to $2,750/month, the second highest ever recorded, according to Reventure.
Prior to the pandemic in 2022, the average home in the US would cost $1,400/month. In other words, it is now 100% MORE expensive to buy a home in 2024 compared to 2020. Even at the peak of the 2008 Financial Crisis, the average home payment peaked at $1,550/month. The average US family would need to spend 44% of their PRE-TAX income to buy a home today. Source: The Kobeissi Letter, re.venture
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