FINANCIAL REPRESSION

STRIPS SAVERS, PENSIONERS,

PRUDENTIAL INVESTING &

REAL DISPOSABLE INCOME

TO FINANCE GOVERNMENT SPENDING

Ten year constant maturity Treasury yields (blue), ten year constant maturity yields minus ten year (median) expected inflation (red +), and ten year constant maturity TIPS (black). NBER defined recession dates shaded gray. Source: Federal Reserve via FRED, Survey of Professional Forecasters, and author’s calculations.

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