yogthos

You've shown yourself to be an idiot and an ignoramus in this very thread. Take a seat dumb ass.

You're as smug as you're ignorant which is part for the course for a child who runs around bleating about tankies. The reality of the situation is that younger generations cannot expect to attain the same level of wealth as older generations. This isn't about their current level of wealth, but the overall wealth they can expect to attain throughout their live. This is a direct result of the fact that people are only barely making enough to make ends meet as I explained earlier, and which your peanut sized brain clearly failed to process.

This just might be the single dumbest comment I've read on this site, and I don't say that lightly.

Yes, the boomers got theirs, young people today don't have the same prospects. What part of that are you struggling with?

Average American has around 100k of debt, and over half the population can't afford an unexpected 1,000 expense. What that says is that people are barely making enough money to make ends meet, the chances of them saving enough resources to stop working are nil. Only a tiny percentage of the population is going to be retiring at all.

Thing is though is that US has been able to run a large deficit because the dollar is the reserve currency. Since, until recently, countries had no choice but to use SWIFT for global trade and energy was traded exclusively in dollars, that meant countries had to buy dollars in order to trade them for these resources. Dollar based economy is rapidly shrinking now because US in its infinite wisdom decided to cut one of the biggest commodity producers out of it. So, now we're seeing more and more bilateral trade happening where countries use their own currencies. This process is developing much more rapidly than anybody expected, and what that means is that the value of the dollar is shrinking.

5.3% already now while continuing to grow:

In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2033 is $2.7 trillion. The deficit amounts to 5.3 percent of gross domestic product (GDP) in 2023, swells to 6.1 percent of GDP in 2024 and 2025, and then declines in the two years that follow. After 2027, deficits increase again, reaching 6.9 percent of GDP in 2033—a level exceeded only five times since 1946

Lower rouble means that Russian exports are cheaper and more attractive allowing government get more money domestically after conversion thus helping balance the budget. It also means that imports are higher of course, but seems that exports are what's relevant for state budget in Russia. Deficit in Russia is only around 2% of the GDP, compare that to the astronomical deficit US is running.

Also worth noting that rouble value against the dollar doesn't have much practical meaning given that there's very little direct trade between Russia and the west.

Yeah, if only Russia had countries to trade with https://www.cnn.com/2023/05/24/economy/russia-china-trade-new-record-intl-hnk/index.html

famous Putin puppets they are

Russia is so screwed that their economy is growing by over 4% right now mostly from trade with China which exploded.