Yes, except for one thing.
Much of this are boomers retiring. So the offsetting trend in increasing federal debt burden on new workers. The wealthy have already anticipated the effect, gotten their tax break.
I would be thinking, why is wage pressure weak? The new workers entering the bottom, retiring workers exiting the top. The effect a bit deflationary, accompanied by increasing deficits forcing interest charges up.
The one year is back to 2.25, and we have a slope of .65; a difficult accuracy, fragile to gray swan. But the ten year at 3.10 did not hold, that caused rush to dollar, also deflationary.
This is about liquidity squeeze. US guv has not really marked to market since 1973, finance queues up for the event. Wealth in the debt cartel begins to see through a devaluation.
Result?
One possibility, the central banks get it, and we properly devalue and distribute cost; imbalances are not that bad. Everything is Pareto, good work.
The other possibility. We get mass, cultural Magic Walrus shock. I don't think so. We have played the 'this time is different' theme twice, recently. The pros will figure out that a lot of problems disappear if we get the voter to mark to market, say. twice as often?
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