Posted on 05/19/2023 5:35:17 AM PDT by Kaiser8408a
Reminder, the US already has $32 TRILLION in debt and politicians have promised $188 TRILLION in entitlement spending. yet we are sending billions to Ukraine, etc. Yet Biden is visiting Japan (hide your little girls, Hiroshima!) and Biden/Congress still haven’t solved the debt limit crisis and Biden’s insane budget yet. Meanwhile, Americans are suffering from Biden’s inflation (aka, Bidenflation) and bad economic policies.
A large swath of American consumers are facing financial hardship as they grapple with elevated living costs, record-high credit card use, and two years of negative real wage growth. This perfect storm could decimate financially fragile households in the next downturn. (Zero Hedge).
As many as 89.1 million American adults (or about 38.5%) were found to experience some form of difficulty in covering expenses between April 26 and May 8, according to Bloomberg, citing new data from the Household Pulse Survey. This is up from 34.4% in 2022 and 26.7% during the same period in 2021.
The rising trend is alarming but not surprising. Consumers have been battered by two years of negative real wage growth.
As wages fail to outpace the cost of living, many consumers have burned through savings and resorted to credit cards. The latest revolving credit data shows consumers appear to be ‘strong,’ but that’s only because they use their plastic cards more than ever to survive.
The Household Pulse Survey found struggling households were primarily based across West Coast and the South.
Compared with the same period last year, the survey found 2.7 million more households were relying on credit cards to cover expenses.
Consumers have record card debt and ultra-low savings rates and are paying some of the highest borrowing costs in a generation (the average interest rate on cards now exceeds 20%). This debt is becoming insurmountable for some as delinquencies rise.
And what we have now is new debit and credit card data published by the Bank of America Institute that shows not just spending slowdown for lower-income consumers, but also the upper-income cohort is finally starting to crack.
However, it is appropriate that Biden is visiting Hiroshima Japan where a nuke was detonated to help end World War II.. Biden is doing the same to the US.
London broil ( yes, I do like to beat my meat ) is close to $10/pd. Yikes.
Greenspan: US “Can Pay Any Debt It Has Because We Can Always Print Money” (video)
http://www.freerepublic.com/focus/f-news/2760087/posts
(later he revised this stance LOL)
The end game is dependency on the federal government......that results in control and compliance.
Refuse to comply and big brother punishes by cutting you off in a myriad of ways.
He is indeed, and is also the tip of the Obama-Biden third term's entire cast of charaters, growing wealthy by the fine technique of income transfer and rent-seeking -- for themselves, liberty be damned.
All on purpose. They have to have a dependent class of people to further their Marxism. Otherwise they lose power.
The Biden inflation is bad, but most Americans don’t know how to budget, either. Too many people go into debt because they overspend.
But but but consumer spending has been strong!! Ignoring obvious connection to the extreme rise in consumer debt.
But THEY WILL VOTE BIDEN BACK IN IN 24!
Fixed elections have consequences.
Only CW 2 can fix things
Every particle in the universe will vote for him next time.
London broil (top round) is on sale for $2.97/lb at local Safeway stores this week. I already have quite a bit in the freezer, but it’s hard to resist getting some more. Makes good jerky.
GIVE ME MY BLOATED GREEN, WOKE, CRT, ILLEGAL AND UKRAINE-SUPPORTING BUDGET OR NO JUNE SS CHECK. COLA RAISE MIGHT BE 3.1%.
And I would wager that 80% or more voted for this, so why should we care? I love a good suicide, and when millions of people vote against their own self interest, well tough, enjoy the suck.
Our son and ourselves have been inundated with credit card offers these last 3-4 months. I wondered what was going on, hadn’t had any for a long, long time. Now, the banks know every is screwed and they are just trying to get their nickels and dimes while they can. This is what Potato Joe calls a good economy.
What’s a credit card?
When you’re putting toilet paper and groceries on a credit card, you’re in deep financial sh#t.
I’m beginning to see more and more black conservative youtube channels. Hopefully, we’ll see a turn to the right in upcoming elections. If that storm could hold back the cheating.
TransUnion is reporting a 20% in credit card debt. It’s obvious too many people still don’t understand the difference between wants and needs and living within their means (as if our leaders do that). No one, especially in this economy, needs a beauty supply shop on their bathroom counter or needs to pay so much property tax on a walk-in closet the square footage of a large storage unit just for shoes. School isn’t out yet but the tourists are already flocking in here wasting money they don’t have on pricey vacation rentals.
After the 0% offer goes away after 12 to 18 months have you seen the interest rates they offer? !!
They start near 20% !!
https://www.bankrate.com/finance/credit-cards/todays-best-credit-cards/
Loan sharks offer better rates!!
Dang… I just rip them up. Don’t even look at them.
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