Posted on 11/10/2023 9:40:20 AM PST by Kaiser8408a
Under Bidenomics, with its high inflation rate and crushing negative wage growth, consumers are draining their savings and living on a prayer …. and consumer credit to cope.
US consumer credit just rose to $17.3 trillion, up dramatically since Biden’s inaugaration as El Presidente of the United Banana Republics of America.
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A closer look at credit card delinquency rates on a year-over-year (YoY) basis, showing the fastest growth in delinquencies since the Covid economic lockdowns.
Then we have commercial real estate delinquencies are now the highest the have been since 2013.
Meanwhile, University of Michigan consumer sentiment about inflation spiked to 4.4%. That is the highest medium-term inflation expectation since 2011.
The US consumer is being shot through the heart and Biden and The Fed are to blame. Biden gives gov a bad name.
(Excerpt) Read more at confoundedinterest.net ...
Doin’ my part!
Such an unfathomable amount of money.
Well, when you owe a thousand dollars you are in trouble.
When you owe a trillion, your lenders are in trouble.
I was wondering where everybody was getting their money from. All the poor, unemployed people here shop all day and eat all their meals at restaurants. They all drive Mercedes, Jaguars, BMWs, Maseratis, and other European rides. They sure got me beat.
We should never forget that China owes American bondholders over $1.5 trillion in unpaid Chinese treasury debt that China hasn't made payments on since they became communist.
I'll never understand why China has a credit rating above Biden diaper status.
Was hoping to see a dollar figure on credit card delinquency, but only saw a graph based on baseline information.
It is no doubt a large #
We are still among the wealthiest peoples on earth yet still live beyond our means. Have we created a culture that cannot live without excessive credit card debt? Biden may have created problems but we are sorely lacking in families understanding personal finance. No savings? No emergency funds? No budgeting, just spend.
The National Debt is nearly twice this personal debt. 33 Trillion dollars. The Interest on this debt has now gone over a Trillion dollars. I can still remember when the entire federal budget was under a Trillion.
If the government can do it, so can I.
What is worriesome in the transition rates (like current to 90-days delinquent) Credit cards (blue) and auto loans (red).
I've been listening to some auto podcasts. There could be some trouble for subprime auto lending. For a year or 2 dealers were adding "market adjustments" on top of MSRP for new cars. Used car prices were inflated as well. Prices are starting to fall and many of those people will have their loans under water..
“HAHAHA. Your side of the boat is sinking.”
Innumeracy
Just heard that a couple of days ago. Shocked is a word over used, but I was seriously shocked.
Yup!
and then there’s the $850 billion-plus of U.S. Treasury’s owned by China...
True that. But the difference between us and them is the U.S. makes payments on their treasuries, but China hasn't made payments on their $1.5 trillion in treasuries they owe us.
i mean use it as leverage...
The Americans who owe Chinese treasuries did ask Trump to consider them when he was pressuring China to end their tariffs against us. But I don't think anything came from it.
Ping
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