First Down Payment on a Boondoggle

On the whole, the pandemic may be ending, but the economic aftermath of the pandemic has only just begun…

“The economic cost of this is huge on top of the social costs. It’s one reason economic growth almost stalled out in the third quarter.

Mortgage foreclosures in the third quarter of 2021 jumped 32% compared with the second quarter and 67% compared to the third quarter of 2020. There was a high correlation between this surge in foreclosures and the termination of government moratoriums on foreclosures.

This means that the economy was weak all along and that government programs in response to the pandemic only papered over the weakness. Now that the programs have ended, the weakness has emerged.”

https://dailyreckoning.com/first-down-payment-on-a-boondoggle/