The Fed has just hiked interest rates again. The 11th time in 17 months. Even now at a 22 year high, the Fed’s statement that they don’t believe we are facing a recession makes more rate hikes in the near future quite likely.
Cooling The Economy
The intent of interest rate hikes and other monetary policy is to cool the economy and bring it down. Recent officially published data points claiming that the economy is still growing much faster than expected means that more tightening of money supply, and interest rate increases are almost certain to happen.
Of course, many business owners and Long Island homeowners might disagree about the sunshine and rainbows picture being painted about the current economy.
Massive unemployment continues to be fueled by more layoffs. New capital reserve requirements for banks will make credit harder to get, and far, far more expensive to get if you can.
Meanwhile, Newsday Long Island reports that 1 in 5 Long Islanders are already living below the poverty line, and can’t catch up. New ‘affordable’ housing projects are rarely actually affordable or desirable.
More hyper inflation across living costs and taxes is only likely to make things worse.
Bracing For The Inevitable & Unexpected
The current trajectory of things suggests that it’s going to get far worse for many in the very near future.
Even if you are one of the few fortunate ones benefiting from the recent rise in AI and high taxation, there is no telling if you’ll have a job tomorrow morning, or whether your utility and insurance providers will hit you with a new 30% hike in your bills. Tax rates are almost certain to rise too.
Now is the time to drive down expenses. Including your regular living expenses, business costs, and real estate holding costs. Lock in savings and profit spreads while you can.
While so much may seem out of your control, and unsolvable right now, you can get help from Property Tax Adjusters, Ltd. to challenge and reduce your annual property tax bill on Long Island. Use those savings to help make ends meet, or keep up as other costs rise.