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Keyword: debt

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  • US borrowing nearly $5B a day as deficit hits $1.2T for first eight months of fiscal 2024

    06/11/2024 4:27:44 AM PDT · by george76 · 40 replies
    Just the News ^ | June 10, 2024 | Nicholas Ballasy
    "The first step is putting a stop to any new borrowing and working together to reduce the deficit. Our fiscal house is barreling down an unsustainable path and we must act fast before tomorrow's problems become today’s," said the head of the Committee for a Responsible Federal Budget... The U.S. government is borrowing $4.9 billion each day on average, driving the deficit for the first 8 months of this current fiscal year to $1.2 trillion, according to the latest data from the Congressional Budget Office. "With little surprise, our economic challenges have continued to mount with our debt only four...
  • Too Much Debt! US Government And Consumers Are Debt Crazed (US Debt Hits $34.8 TRILLION, Consumer Debt Hits $17.69 TRILLION, Unfunded Liabilities Hits $216 TRILLION)

    06/11/2024 5:59:32 AM PDT · by Kaiser8408a · 16 replies
    Confounded Interest ^ | 06/11/2024 | Anthony B. Sanders
    Too much debt should be the theme song for the US! Both for consumers and the Feral government (not a typo!) Consumer credit increased by +$6.403 billion in April, much softer than consensus estimate of +$10 billion … more notable, however, was March data, given initial read of +$6.274 billion was revised down to -$1.099 billion. Not to mention $13 trillion in mortgage debt (1-4 unit housing), but at least that is backed by property. Unlike The Feral government who borrows/prints with only a promise. Consumer Debt Hits $17.69 TRILLION. US national debt stands at $34.8+ trillion. And growing awfully...
  • It’s Trump vs WWIII – Martin Armstrong

    06/09/2024 4:25:43 PM PDT · by delta7 · 41 replies
    Armstrong Economics ^ | 9 June 24 | Martin Armstrong
    Legendary financial and geopolitical cycle analyst Martin Armstrong says we are going to have a wild close to 2024. Let’s start with Biden’s new job approval rating from Martin Armstrong’s “Socrates” program, which is now only 6% to 7%. Armstrong explains, “It’s the old story of draining the swamp, but now, the swamp is an ocean. This is completely crazy. The cases against Trump show you how desperate they are here. The reason they want Biden, and they even blocked RFK Jr. from getting on the Democrat ticket, the reason they want him is he is just a sock puppet....
  • The Wreck Of The US Middle Class: America’s Paychecks Bigger Than 40 Years Ago, But Purchasing Power About The Same (Credit Card Delinquencies Highest Since 1991)

    06/09/2024 7:55:41 AM PDT · by Kaiser8408a · 16 replies
    Confounded Interest ^ | 06/09/2024 | Anthony B. Sanders
    Under Bidenomics and Fed monetary “policies”, we now have the wreck of the US middle class. To begin with, America’s paychecks are bigger than 40 years ago, but purchasing power of those larger paychecks is about the sames as it was 40 years ago. Great job Washington DC!!! … NOT!!!! Meanwhile, credit card delinquencies are at the highest level since 1991. Americans are feeling extreme financial stress. Coping with Bidennomics and The Fed has been most difficult. Especially if you listened to Biden’s D-Day speech (almost stolen word-for-word from a Ronald Reagan speech). Demented Joe Biden being led by the...
  • IMF Calls on US to Get Its Gargantuan Debt Under Control

    06/08/2024 11:15:42 AM PDT · by marshmallow · 25 replies
    Sputnik News ^ | 6/8/24 | Ilya Tsyukanov
    Known for many decades after the Second World War as a key tool for putting economic pressure on developing nations and competitors of the US-led liberal rules-based order, the International Monetary Fund took a major step toward greater autonomy after successfully squashing a surprise plot by the Biden administration to oust its director in 2021.IMF deputy managing director Gita Gopinath has given Washington an unusually blunt warning about its debt and spending levels, demanding that the United States and other developed economies take steps to get debt under control. “For the US, we see ample ground for them to reduce...
  • No One Wants a New Car Now. Here’s Why.

    06/07/2024 11:36:29 AM PDT · by karpov · 159 replies
    Wall Street Journal ^ | June 6, 2024 | Dan Neil
    It’s not just the political class. America’s fleet of cars and trucks is also getting long in the tooth. Last month a study by S&P Global Mobility reported the average age of vehicles in the U.S. was 12.6 years, up more than 14 months since 2014. Singling out passenger cars, the number jumps to a geriatric 14 years. In the past, the average-age statistic was taken as a sign of transportation’s burden on household budgets. Those burdens remain near all-time highs. The average transaction price of a new vehicle is currently hovering around $47,000. While inflation and interest rates are...
  • Interest on US National Debt Hits New Record

    06/06/2024 6:47:53 AM PDT · by delta7 · 19 replies
    Armstrong Economics ^ | 6 June 24 | Martin Armstrong
    Government spending has consequences. The US national debt has surpassed $34.6 trillion at the time of this writing and continues to grow every minute. America has never been in a deeper deficit. The Committee for a Responsible Federal Budget (CRFB) has reported that America was forced to pay $514 billion in the first seven months of FY2024 on interest costs alone. This means that America paid more in servicing its debt than on any other program besides Social Security ($837 billion), which is a separate problem entirely. To put it into perspective, the US shelled out $498 billion on national...
  • Rand Paul sets standards Trump has to meet to earn endorsement

    06/04/2024 8:58:29 PM PDT · by mbrfl · 48 replies
    Washington Examiner ^ | June 4, 2024 | Luke Gentile
    Sen. Rand Paul (R-KY) listed a set of standards former President Donald Trump has to meet before he takes an active role and endorses the presumptive GOP nominee. “When we have agreed, I’ve been very supportive. When we have disagreed, I’ve also disagreed with him,” Paul said in an interview with Spectrum News. Before Paul can endorse Trump, the latter needs to be more outspoken on issues the Kentucky senator deems critical, he said. “I think that it’s important that if he wants to get my vote and my support, wants me to be more active in this, that he’s...
  • Student Debt Cancellation Is Extremely Unfair - Here Are 10 Reasons Why...

    06/04/2024 9:09:15 PM PDT · by SeekAndFind · 10 replies
    Mish Talk ^ | 06/04/2024 | Mike Shedlock
    A recent Tweet by Elizabeth Warren and a short rebuttal to her inspired this post. Let’s take a look at the Tweet and my 10 reasons.Deeply UnfairThere is something about this "cancel" student debt bill that just feels *deeply* unfair to me. Why have taxes from plumbers & electricians go towards paying the unpaid bills of college & masters grads?I wish we were building a safety net for ppl in poverty with the $167B. — Michelle Tandler (@michelletandler) May 28, 202410 Reasons Why Student Debt Cancellation is UnfairIt is unfair to those who sacrificed to pay off their student...
  • Scoop: Rand Paul's brewing fight with Trumpworld

    06/04/2024 3:35:50 AM PDT · by RandFan · 75 replies
    Axios ^ | June 4 | Stef W. Kight
    Sen. Rand Paul (R-Ky.) questioned former President Trump's commitment to slashing government spending in a heated exchange with top Trump ally Russell Vought during a recent closed-door meeting, Axios has learned. Why it matters: Paul is among a dwindling number of Republicans who've refused to publicly back the former president as the party's 2024 nominee. And those in Trump's orbit are getting antsy. "There's a growing sentiment in Trumpworld that Rand can't be trusted, and it's a great disappointment," Trump ally and consultant Alex Bruesewitz told Axios. Driving the news: Paul grilled Vought on May 22 over the Trump administration's...
  • Most Americans Not Summer Vacationing Cite Finances Amidst Bidenomics Crisis

    06/03/2024 5:40:58 AM PDT · by george76 · 10 replies
    PJ Media ^ | MAY 31, 2024 | Catherine Salgado
    Over half of American voters won’t be taking a vacation this summer, and about three-fourths of those unable to take a fun break cited finances as their reason. Meanwhile, rising inflation, dropping real wages, and other disasters continue to plague Joe Biden’s economy. Many Americans increasingly are struggling just to meet basic expenses, and luxuries like vacations are growing more out of reach for the ordinary citizen. Of course, Joe Biden has continued to vacation at an unprecedented rate, but his administration is ensuring that Americans not part of the Democrat elite cannot enjoy the same privilege. The majority of...
  • NBC's Memoli: Biden team has given up on trying 'to fix the inflation problem' and is trying to argue style (MAGAnomics vs Bidenomics)

    05/31/2024 7:46:48 PM PDT · by NetAddicted · 19 replies ^ | 5/31/24 | Ian Hanchett
    On Friday’s edition of NBC’s “MTP Now,” NBC News White House Correspondent Mike Memoli stated that “the Biden team has seemed to concede that there’s nothing they’re going to be able to do to fix the inflation problem” and are trying to reframe things to a “stylistic” argument. Memoli said, “Every single demographic, every poll shows the number one issue, cost of living, inflation. And the Biden team has seemed to concede that there’s nothing they’re going to be able to do to fix the inflation problem. So, they’re trying to make this a whose side are you on, who...
  • The American shopping spree is losing steam

    05/31/2024 11:14:50 AM PDT · by RomanSoldier19 · 10 replies
    cnn via yahoo uk ^ | Fri 31 May 2024 | Analysis by Bryan Mena and Nathaniel Meyersohn
    It’s becoming tougher and tougher for Americans to carry on with their spending spree. Years of elevated inflation and the highest interest rates in almost a quarter century are wearing out the US consumer. Savings accumulated during the Covid-19 pandemic are drying up, borrowers continue to rack up debt and delinquencies are marching higher. Retailers say shoppers are fed up with rising prices and are changing their purchasing behavior.
  • Fiscal Armageddon looms and no one in power wants to talk about it. Here’s why you should be afraid

    05/30/2024 6:37:51 AM PDT · by Diana in Wisconsin · 41 replies
    The Hamilton Spectator ^ | May 28, 2024 | Frank Gulustra
    For the better part of two decades, a small group of us fiscally prudent types have been relegated to the wilderness for having the temerity to sound the alarm. Our warnings were bordering on heresy to many on Wall Street and in DC. But lately, more and more voices are joining the chorus that we are heading headlong toward a fiscal and monetary cliff. When the day of reckoning arrives, most people will be unprepared. That is a fact that has been proven throughout history. Just as fortune favours the prepared, financial ruin will befall the unprepared. Before you roll...
  • Federal debt surges, Treasury depletes funds to mask record deficit during elections.

    05/30/2024 5:31:33 AM PDT · by davikkm · 28 replies
    It appears there’s growing concern over the management of federal debt and deficit amidst the backdrop of recent financial maneuvers. Janet Yellen’s decision to draw down $5.7 billion from the Treasury cash account raises eyebrows, seen by some as an attempt to obscure the true scale of the deficit ahead of upcoming elections. This move, while potentially reducing immediate debt figures, could inflate long-term debt obligations to record highs once the accounting is adjusted.
  • Meet the Gen Zers maxing out their retirement savings: ‘It’s no longer chasing money; it’s chasing time’

    05/29/2024 11:03:26 PM PDT · by Cronos · 52 replies
    Cnbc ^ | 29th may 2024 | Jennifer lu
    Lillian Zhang wasn’t even out of college before she started planning for retirement. Zhang was 20 years old when she opened her first retirement account, a Roth IRA, after learning about them from personal finance Youtube channels. She maxed it out for two years using money from her savings and summer internships, and when she got a job after college, switched her focus to maxing out her 401(k). Zhang, now 24, now has six figures stashed across three different retirement funds. (She recently opened a Simplified Employee Pension, or SEP, IRA for her side hustle as a content creator.) And...
  • Biden Co-Chair: Many People Aren’t ‘Aware’ of What Biden Has Done Because They’re ‘Going Through a Lot of Struggles’

    05/29/2024 6:23:54 PM PDT · by ChicagoConservative27 · 48 replies
    Breitbart ^ | 05/29/2024 | Ian hatchett
    On Wednesday’s edition of NBC’s “MTP Now,” Biden Campaign Co-Chair Rep. Lisa Blunt Rochester (D-DE), who is also running for the U.S. Senate in Delaware, said that “A lot of people are going through a lot of struggles right now, coming out of the pandemic. And they are not even aware of the things that this administration has done to really uplift our communities.” Host Peter Alexander asked, “So, Congresswoman, let me ask you specifically, then, I think the question is, if the campaign was in such good shape with black voters, as President Biden has done in the past...
  • Pentagon Opens Ammunition Factory to Keep Arms Flowing to Ukraine

    05/29/2024 3:45:02 PM PDT · by MinorityRepublican · 37 replies
    The New York Times ^ | May 29, 2024 | JOHN ISMAY
    MESQUITE, Texas — In a warehouse off Lyndon B. Johnson Freeway in an industrial area outside Dallas, the future of American military ammunition production is coming online. Here, in the Pentagon’s first new major arms plant built since Russia invaded Ukraine, Turkish workers in orange hard hats are busy unpacking wood crates stenciled with the name Repkon, a defense company based in Istanbul, and assembling computer-controlled robots and lathes. The factory will soon turn out about 30,000 steel shells every month for the 155 mm howitzers that have become crucial to Ukraine’s war effort. Ukraine fired 4,000 to 7,000 such...
  • FED Warns Against Rising Delinquency Rates, Calls It A "Leading Indicator That Things Are About To Get Worse

    05/29/2024 1:17:55 PM PDT · by RomanSoldier19 · 10 replies
    benzinga via msn ^ | May 28, 2024 | Caleb Naysmith
    Austan Goolsbee, President of the Chicago Federal Reserve Bank, highlighted that consumer delinquencies are among the most worrisome economic indicators currently being monitored. His concerns now appear prescient as new data reveal a significant uptick in delinquency rates in the first quarter of 2024. "If the delinquency rate of consumer loans starts rising, that is often a leading indicator that things are about to get worse," Goolsbee stated.
  • Poll: Majority Not Taking Summer Vacation, 73% Cite Lack of Cash in Joe Biden’s America

    05/26/2024 2:03:19 PM PDT · by ChicagoConservative27 · 57 replies
    Breitbart ^ | 05/24/2024 | Wendell Husebo
    Many Americans do not plan to enjoy a summer vacation in President Joe Biden’s America, a Fox News poll found in May, underscoring the economy as the number one 2024 issue for voters. The Fox News poll found: Of the 55 percent who are not taking a summer vacation, 73 percent do not have enough money to do so. Seventy-two percent said higher prices impact their summer plans. Fifteen percent do not have time and must remain focused on the daily grind. The last time a pollster asked Americans this question, in 2010, of those who were not going on...