The cost of money is going up and interest rates are increasing. Americans will be paying more for mortgages, car loans and unpaid balances on credit cards. The reason is to keep the economy from overheating and managing inflation.
The primary reason for rate increases is the $1.5 trillion Republican tax-cut giveaway to the affluent, corporations, businesses and Republican political donors. This was unneeded stimulus to the economy, equivalent to throwing gasoline on a hot fire.
Given the already existing economic inequality, financially struggling middle-class citizens will have to pay to mitigate damage to the economy. On individual taxes, the affluent are making out like bandits.
Sixty percent-plus of the corporate/business tax cut is being used to buy back stock and pay dividends to shareholders. Only 4.3 percent of Fortune 500 companies have given bonuses or wage raises. The promise was investment in facilities, new hires and wage increases.
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