Posted on 11/25/2022 1:59:59 PM PST by entropy12
This is a direct result of savings accounts being drained because of Bidenflation. We’ve simply run out of cash. And good luck trying to liquidate your fun, expendable assets, like boats, motorcycles, and RVs, because most people can’t afford to buy them.
US Treasury debt now 150% of GDP. Which means government can not pay off any part of principle. Annual budget deficits are running multiple Trillion dollars now. US Treasury is currently paying out Billion dollars every day of the year in interest payments. That will soon double or triple due to federal funds interest rate jumping from less than 1% to reaching 5% in 2023.
(Excerpt) Read more at pjmedia.com ...
“Credit card, mortgage, and auto loan balances continued to increase in the third quarter of 2022 reflecting a combination of robust consumer demand and higher prices,” said Donghoon Lee, economic research advisor at the New York Fed. “However, new mortgage originations have slowed to pre-pandemic levels amid rising interest rates.”
Bkmk
When the Fed and the Junta decide to sell short and crash the market, effectively wiping out Americans’ savings, then this nation will be in dire straits..
American’s can’t afford to buy anything?
As the Communist/leftist loot the American treasure, sending hundreds of billions to foreign countries.
Husband: Inflation is crushing us. Our credit card debt is astronomical.
Wife: Well, okay. But let’s go vote for more Democrats.
Husband: Good idea!
It is difficult to argue against insanity such as that.
Given has ruined Black Friday. People are already maxxed-out.
Yes, 27% lower sales on black Friday than during Trump’s 4 years.
We are already in deep doo-doo economically. People forget or don’t realize that many key indicators for deep recession (or worse) lag far behind the numbers we are hearing from the media.
Consumer spending is slowing down with major repercussions throughout our economy and much of this new “debt” is for items considered essential (rent, mortgage, utilities, groceries, etc). People have less “fun money” for “non-essentials” which puts many small businesses (also in debt) in a downward spiral.
Layoffs are coming and they are going to be very big.
If we have a railroad strike (it appears likely) that is almost half the freight transportation in America. That kind of supply chain disruption will be another body blow to our economy and with lock-downs in China impacting exports in the coming months many manufacturers are going to be losing money.
If you wanted to deliberately sabotage our economy the playbook would look a lot like what we are doing right now.
We just had national elections and a majority of people said they are okay with this economy. So, unless you voted for the Republican in the most recent election, you have absolutely no right to complain because your vote said you are good with the current economy and the way Democrats are running it.
“The economy is strong as hell.”
- Calamity Joe
The Rail Strike will cripple this country like nothing before. This coupled with the Diesel shortage could doom the supply chain. It is freighting.
It will be global in scope.
TSMC dropped their chip orders by 50%.
https://wccftech.com/tsmc-cuts-down-orders-by-up-to-50-sending-shockwaves-says-report/
Real estate bubbles in US and China. Investment firms heavily exposed.
Actually the Red Wave fizzled because young voters under age 30 came out to vote in much larger numbers than usual.
The democrat propaganda about abortion bans worked.
Then the $20,000 bribe (unlawful of course) to college loan holders also benefited Biden’s party.
What would you suppose the interest rate on those cards would be? Definitely north of 20%. Inflation, interest and taxes is the toxic mix that’s destroying the middle class.
I’m sure you’re right. Then no bellyaching from these Gen Xers (or whatever they are) about how Boomers are ripping them off. They gladly took the bribe, now face the consequences without complaint.
That’s flat, at best, fully inflation adjusted.
We talked about this a couple weeks ago when the admin was crowing about how “consumer spending is holding up so well” without noting that people are using credit cards to pay for routine expenses. So no this is no surprise.
And many of the debtors voted for it.
Sorry, my phone autocorrects Biden to Given. Which we were, certainly was not not Chosen...
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