This Dangerous Idea to Fight Inflation Could Destroy America
Andy Snyder|August 10, 2022
Oh boy… things are getting serious.
We’re quite worried about an idea making headlines in the U.K. this week. If it comes across the pond, we’re all in trouble.
America as we know it would die.
Brits are facing inflation of 13% or more – about 50% higher than what we’re seeing in the States.
Soaring energy costs are a big part of the problem. The average British citizen will pay about $360 for his monthly energy bill in the coming weeks.
They can’t afford it.
One group says soaring electricity prices will push 6.3 million Brits into “power bill poverty” this year.
Stop paying the bill.
They’re saying it’s a revolt… a revolt against soaring prices and the devastation those prices are causing throughout the land.
It’s like throwing tea into the harbor or – perhaps a bit less touchy for the Brits – rioting because of Thatcher’s new poll tax.
So far, the group Don’t Pay UK has 80,000 folks signed on with the idea of skipping their electricity payments starting on October 1 – the day regulators will allow prices to surge to the maximum amount allowed by law.
The angst is real and warranted… but it’s a dangerous and dumb idea. It’s far different from refusing to pay a new tax. This fight is much larger and much more sensitive.
The folks preparing to strike say the bill collectors can’t go after all of them. Britain’s big six energy producers won’t shut off the juice to 80,000 folks.
They’re likely right.
But there will be consequences.
There will be penalties on bills. Hefty interest. And dings to credit scores.
The next time one of these good-hearted protestors applies for a loan, he may be hit with higher fees… or maybe even a denial.
That’ll hurt. But it’s not the biggest issue.
It’s what comes after all this that has us so worried.
If legions of folks don’t pay the rising energy bill, perhaps it’ll be the phone bill next month. Or maybe folks will think the cable bill is getting too high for comfort.
The sensible would expect users to cut back before stiffing their suppliers… but then again, American students have had a free pass on their student loan obligations for over two years.
And that less-than-sensible idea is sanctioned by the fella in charge.
So far, the White House has stayed $17 billion in loans… without a payment or extra fee in sight.
U.S. Secretary of Education Miguel Cardona recently said…
It remains a top priority for the Biden-Harris Administration to support students, families, and borrowers – especially those disproportionately impacted by the pandemic. During the pause, we will continue our preparations to give borrowers a fresh start and to ensure that all borrowers have access to repayment plans that meet their financial situations and needs.
The folks in Washington can’t get rid of the moratorium now… They’ll lose votes, and debtors will surely revolt.
What a generation we’ve created.
Times get tough… don’t pay the bill.
Protesting new taxes is one thing. We didn’t sign on the dotted line for those. We’re duped into going along with such atrocities.
But ducking payments on a service we use and are contracted for… That’s trouble.
It’s only going to get worse.
This is how democracies die.
The people will think they’re getting a lower bill. But it will cost them their freedom as the government gains more control. [Editor’s Note: Here's one scary way it could happen.]
This won’t end well for the Brits. And the end will be here soon enough.
A slippery slope lies ahead.
Andy Snyder is the founder of Manward Press, the nation’s premier source of unfiltered, unorthodox views on money and what it means for a free society. An American author, investor and serial entrepreneur, Andy cut his teeth at an esteemed financial firm with nearly $100 billion in assets under management. Andy and his ideas have been featured on Fox News, on countless radio stations, and in numerous print and online outlets. He’s been a keynote speaker and panelist at events all over the world, from four-star ballrooms to Capitol hearing rooms. Today, Andy’s dissident thoughts on life, liberty and investing can be found in his popular daily newsletter, Manward Financial Digest.