Prices keep going up. You gotta hate it when it still seems like depression city but the price of stuff continues to soar. If only they'd raise wages so we could pay for the goods we're making for them at the highest rate of employee productivity ever that makes them record profits.
It's not just big business and the megabanks. Even the government is making huge profits. A recent report from the Congressional Budget Office says the Department of Education is expected to make a record $51 billion profit from student loans this year.
Yes, the government is in the direct lending business. And I think I heard something somewhere about congress thinking of doubling rates too.
Wow. That $51 billion, by the way, is more than the profits of Exxon or Apple. It's also roughly equal to the combined net income of the four largest US banks.
Bet they'd like a piece of the Department of Education's action. Oh, that's right, they got out of the student loan business because it was "too unprofitable."
I guess the kids are used to high prices though. At least if the commercial I saw the other day is any indication. It was for the Chase Sapphire card, and it showed a father and his two little kids going out for a meal. They had burgers, fries, and malts. Three of each. Must have been gourmet burgers. There was a glimpse of the bill the dad was paying at the end when he laid his Chase Sapphire card on it. It was $65.65.
I don't know where this family lives but I don't want to go there. And call me cheap, but for kids under eight, gourmet burgers are a waste.
Save that money for their student loan.
America, ya gotta love it.