To wit, we don't need any more Fed rate cuts! And we don't need a new eruption of money-printing, either, because the real cost of debt is already dirt cheap.

For instance, here is the inflation-adjusted Fed funds rate over the last four decades:

Since the turn of the century, the geniuses on the FOMC have pegged the real Fed Funds Rate at negative levels nearly 80% of the time. And even as of July 2025—three years after allegedly pivoting to inflation-fighting—the real Fed funds rate is only positive by 110 basis points. That's far below real rates of 250 to 500 basis points, which prevailed before Greenspan went all in on money-printing in response to the dot-com bust.

Still, based on the blatant noise in the BLS's "useless" jobs numbers, as they were described by even JD Vance, the rate cut chorus implies that the current skinny 110 basis points of positive return to savers and depositors is way too much.

Supposedly, the dire economic weakness implied by the BLS error confession means that the real cost of overnight money for gambling and other short-term purposes should be shoved back below the zero bound yet again in order to keep the economy from tumbling into the recessionary drink.

To be sure, another recessionary spell may well be underway. But for crying out loud—it's not due to high interest rates. To the contrary, it is the easy-money fostered mountain of public and private debt—now totaling $103 trillion—that has ground economic expansion to a halt.