Posted on 09/17/2023 4:44:32 AM PDT by davikkm
Record-High Household Debt: The fact that household debt in the U.S. has reached $17.1 trillion is alarming. High levels of household debt can strain individuals and families, making it difficult for them to manage their finances and save for the future. Mortgage Debt: The record $12.0 trillion in mortgage debt indicates a growing burden on homeowners, especially as mortgage rates have risen to 7.5%. Higher mortgage rates can make it more expensive to own a home and may deter potential buyers. Auto and Student Loans: The significant levels of auto and student loan debt ($1.6 trillion each) suggest that many Americans are carrying substantial non-mortgage debt burdens. This can impact their ability to save and invest for the future. Credit Card Debt: The record $1.0 trillion in credit card debt indicates that many individuals are relying on credit to make ends meet. High-interest rates on credit card balances can lead to a cycle of debt that is difficult to escape. Rising Oil Prices: The increase in oil prices by approximately 40% in just three months can have a cascading effect on the economy, leading to higher costs for transportation, manufacturing, and everyday goods and services. High Mortgage and Credit Card Rates: Mortgage rates at 7.5% and credit card rates at a record 25% can significantly impact borrowing costs, making it more expensive for individuals and businesses to access credit. Inflation Concerns: The comment that borrowing more debt is not the solution to high inflation is a valid concern. High inflation erodes the purchasing power of money, and excessive borrowing can exacerbate the inflationary pressures. Sustainability Concerns: The overall picture painted by this data is one of financial strain, rising costs, and the potential for financial instability. This level of debt and the associated economic conditions may not be sustainable in the long run.
The accumulation of record-high levels of debt across various sectors, coupled with rising interest rates and inflation, raises legitimate concerns about the sustainability of the current economic environment.
Meanwhile, the current deficit situation is a significant concern and could have far-reaching economic implications.
The problem with socialism is that you eventually run out of other people’s money.-Margaret Thatcher.
when the banks started advertising “come git one” for credit cards, and at the same time, folks not being taught in schools the ways and means of money -”how come ah got mo’ checks but duh bank sez ah ain’t got no money?” -, it wzs inevitable that we would arrive at this point.
The article doesn’t mention two other facts.
1) We are paying $800 billion plus a year in interest payments on our debt. Getting close to $1 trillion in interest payments!
2) UNFUNDED liabilities ( public and private) are well over $100 Trillion…and that is a low estimate.
….a ticking bomb, just last month our Federal Reserve had to buy $52 billion in our government bonds because countries and the private sector would not buy them…..unsustainable.
Thanks Joe!…..your Sanctions are working wonders.
Debt FRee and loving it. That’s my virtue signaling for the day.
It’s already unsustainable
Not just Joe. R's and D's hold hands on taking America down to financial ruin. And, yet people still vote for both of those parties for the benefits. Gen x, y, z have the millstone of past liabilities, debts, and past stupid mistakes of the previous generations.
This chart is two years old already.
Are you asset free, too?
Because if you’ve got assets, you’ve far more to worry about than the indebted.
One had better start preparing for the inevitable USA crash by the end of the decade as we accumulate some $40,000,000,000,000 in unsustainable debt sending us into bankruptcy. This mess will take many years to get out of and hopefully will destroy both major political parties as they worked together over the decades to bring us here. JMO.
The bright spot in the future might be that illegals go back to their spawning ground as hopefully there will be no welfare for these invaders. There ought to be no corporate welfare, no student loan forgiveness, demolition of many agencies, balanced budget and no accumulation of debt, no payout of any kind to foreign countries, and return to the basics the Constitution was founded on, the major things: Provide protection of our borders, protection of uprisings within (like an out-of-control-militia) and provide a stable currency. I was taught this in 5th grade in Iowa in the 60’s.
Just focus on Ukraine….sleepy joe.
.
They Vote for Everything and Anything.
They wanted to usher in the Crash.
Transition out of Capitalism.
An asset is something that is owned by you or something that is owed to you. A $10 bill, a desktop computer, a chair, and a car are all assets. If you loaned money to someone, that loan is also an asset because you are owed that amount. For the person who owes it, the loan is a liability.
Everyone has assets. Even a pauper has his grocery cart full of assets. If we wake tomorrow and our economy has crashed, I'll be none the poorer for it. Is my hot air corn popper an asset? I own it. I'll put it in overdrive as I watch the world burn. If/when we lose power, I'll pop it in an iron kettle (asset) over an open fire, even if I have to start that fire with a stack of $20's.
The Readers Digest version...A country boy can survive.
Even Obama said the mounting debt was unsustainable. But it continues.
Our government love to spend like there’s unlimited funds for ever idealistic cause imagined.
The preacher man says it's the end of time And the Mississippi River, she's a-goin' dry The interest is up and the stock market's down And you only get mugged if you go downtown I live back in the woods you see My woman and the kids and the dogs and me I got a shotgun, a rifle and a four-wheel drive And a country boy can survive Country folks can survive I can plow a field all day long I can catch catfish from dusk 'til dawn (Yeah) We make our own whiskey and our own smoke too Ain't too many things these old boys can't do We grow good-ole tomatoes and homemade wine And a country boy can survive Country folks can survive Because you can't starve us out and you can't make us run 'Cause we're them old boys raised on shotguns We say grace, and we say ma'am If you ain't into that, we don't give a damn We came from the West Virginia coal mines And the Rocky Mountains, and the western skies And we can skin a buck, we can run a trot line And a country boy can survive Country folks can survive I had a good friend in New York City He never called me by my name, just Hillbilly My grandpa taught me how to live off the land And his taught him to be a businessman He used to send me pictures of the Broadway nights And I'd send him some homemade wine But he was killed by a man with a switchblade knife For 43 dollars, my friend lost his life I'd love to spit some Beech-Nut in that dude's eyes And shoot him with my old .45 'Cause a country boy can survive Country folks can survive 'Cause you can't starve us out and you can't make us run 'Cause we're them old boys raised on shotguns We say grace, and we say ma'am If you ain't into that, we don't give a damn We're from North California and South Alabam' And little towns all around this land And we can skin a buck, and run a trotline And a country boy can survive Country folks can survive A country boy can survive Country folks can survive Source: Musixmatch Songwriters: Hank Williams Jr.
"Tomorrow" is already here.
US Debt Clock
The other problem with socialism is that you can vote it in but you have to shoot your way out of it.
“becoming unsustainable” ?
It’s been unsustainable since they created the Federal Reserve.
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