Washington Post today
New York City billionaire John Catsimatidis has long been immersed in politics. But last year the Republican real estate and oil tycoon donated more money than he ever had before — $2.4 million to support Donald Trump and congressional Republicans, nearly twice as much as he gave in 2016.
Catsimatidis said he feels a growing urgency to try to influence the course of American politics, given the wide divergence between the two parties.
“If you’re a billionaire, you want to stay a billionaire,” said Catsimatidis, whose net worth is estimated at $4.5 billion. It’s not just about his own wealth, he said, adding, “I worry about America and the way of life we have.”
LOL yeah right
In an era defined by major political divisions and massive wealth accumulation for the richest Americans, billionaires are spending unprecedented amounts on U.S. politics. Dozens have stepped up their political giving in recent years, leading to a record-breaking surge of donations by the ultrarich in 2024. Since 2000, political giving by the wealthiest 100 Americans to federal elections has gone up almost 140 times, well outpacing the growing costs of campaigns, a Washington Post analysis found.
Why?
Well it’s not just the plebes under financial distress.
https://www.wsj.com/personal-finance/the-middle-class-is-buckling-under-almost-five-years-of-persistent-inflation-4d783aee
The Middle Class Is Buckling Under Almost Five Years of Persistent Inflation
Workers growing tired of economy in which everything seems to get more expensive
The American middle class encompasses a broad cross section of workers that includes white-collar office employees, nurses and plumbers, although there is no universally accepted definition.
Pew Research Center defines the middle class broadly as having a household income between about $66,666 and $200,000, depending on where they live. Perpetual sticker shock is making many within the group feel worse about both their own finances and the future of the country. They are hunting for bargains and spending more carefully.
Fast-food restaurant Wingstop said this month that middle-income diners have now joined lower-income ones in dialing back purchases. Target reported slumping sales and said customers are spending cautiously on discretionary items such as home decor and apparel. Walmart, meanwhile, posted strong sales as consumers from all income groups flocked to the retailer’s value.
I dunno. Isn’t stagflation a combination of inflation & recession. At least that is how I remember the 1970’s? How about you geezers & geezettes?
I can remember the late 1970s and early 1980s as a stagflation time where 5% inflation was considered low and the unemployment rate (after 1980) was 8% for a very long time. That’s stagflation.