{"id":80454,"date":"2023-10-07T01:15:35","date_gmt":"2023-10-07T08:15:35","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=80454"},"modified":"2023-10-11T08:41:40","modified_gmt":"2023-10-11T15:41:40","slug":"black-coffee-7-oct-2023","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id80454-black-coffee-7-oct-2023.html","title":{"rendered":"Black Coffee: Keep the Tip"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe …<\/em><\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

I’ve got another busy weekend ahead of me, so let’s get right to this week’s commentary …<\/p>\n

Wise men don’t need advice. Fools won’t take it.<\/em><\/p><\/blockquote>\n

– Benjamin Franklin<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? The latest government survey found that American consumer confidence was down<\/a> more than expected in September and is sitting at a four-month low. The respondents said they’re most concerned about their future financial stability due to persistent inflation, sticky high interest rates, and ongoing recession fears. Imagine that. Quite frankly, the public seems kind of sour on the stock market right now too – although to be fair, some sectors more than others …<\/p>\n

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This is a chart of US consumer spending. Does this look like a booming economy to you? (h\/t: Zero Hedge)<\/p><\/div>\n

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Debit:<\/strong><\/span> The lack of consumer confidence is also showing up in the US housing market, where the average 30-year mortgage interest rate in the US is almost 8%<\/a> and at its highest level since 2000, while mortgage applications are at their lowest point since 1995. No, really. So somebody<\/strong><\/em> needs to tell that to sellers who are reluctant to lower asking prices – at least so far.\u00a0 After all, there are only so many eight-figure jobs out there …<\/p>\n

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Debit:<\/strong><\/span> The fact that starter homes throughout much of America are unaffordable for young people indicates that that most US jobs are no longer able to provide a middle-class lifestyle. And raising the minimum wage to $20 an hour for unskilled entry-level jobs isn’t going to change that – although, not surprisingly, California politicians seem to think otherwise<\/a>. Instead, that’s just more proof that the entire system is spiraling into the abyss. Oh \u2026 and speaking of spiraling into an abyss:<\/p>\n