nwtk2007 Loc: Texas

American Credit Card Debt Soars Past $1 Trillion

New York Post: The credit card debt held by US shoppers surpassed more than $1 trillion for the first time ever as high inflation continues to drive up costs, according to a report published on Tuesday by the New York Federal Reserve. Credit card balances grew by $45 billion in the second quarter of this year — rising from $986 billion at the end of the first quarter to $1.03 trillion by the end of the most recent three-month period (New York Post).

CNN: Earlier Tuesday, Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022 (CNN).

CNN’s Jake Tapper: “I feel like I’ve been noting this for three years — President Biden is out there heralding such and such, and the American people disapprove overwhelmingly! Three years in, we’re still having this conversation”


Over and over it has been pointed out that people have to spend 10k more per year now to make ends meet. How many poor and lower middle class got a 10k raise this year, or the last year or the one before that??

And it ALL started with one thing, Biden's war on f****l f**ls. We have the capability to reverse this, and in a clean way as well. But Biden and his l*****t i***ts want poor people to buy an electric car and save the planet. And how do we produce all that electricity? That's right, by burning f****l f**ls.

The psychobabble of the left has infected the west. We do not have much time left before the dollar collapses and we lose everything.

JFlorio Loc: Seminole Florida

The “great” economy is nothing more than a lie fostered by the administration and their sycophants in the media.

J Anthony Loc: Connecticut

The Democrats are not the left.

J Anthony Loc: Connecticut

True. The economy is working just fine for about 20% of the country (the well-off, the rich, the very rich, and the professional managerial class of sycophants), so they push their nonsense on the whole country. The rest of us on the ground know what's up.

JFlorio Loc: Seminole Florida

The l*****t mantra is you own nothing, the government takes care of you, and you’ll like it.

son of witless

It is worse than that. More and more people are hitting their retirement accounts on hardship grounds early.

https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html

" More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday.

The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022, according to Bank of America’s analysis of clients’ employee benefits programs, which are comprised of more than 4 million plan participants. "

J Anthony Loc: Connecticut

That sounds like f*****m to me

JFlorio Loc: Seminole Florida

I have been warning that the underlying economy sucks. Microeconomics is not what the people in power look at. Main Street is in trouble.

nwtk2007 Loc: Texas

And this proves it. Biden is k*****g the poor and lower earning middle class.

nwtk2007 Loc: Texas

I mentioned that as well. It's getting ridiculous. And there is no slowing as long as democrats have control.

Radiance3

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Drastically moving up are the cost of rent, t***sportation, food, interest rates on mortgages. These are the most adverse factors affecting the daily lives of the people.

It was reported that unpaid rents and mortgages in California had reached $5 billion. What about other states? I think adding them together will cost tens of billions of dollars.

One of the causes of high rents? Raising of interest rates by Powell. He thinks it will curtail inflation. He is wrong. Because so many activities are affected when raising interest rates.
Other adverse effects of raising interest rates. Business overhead costs increase. When that increase, to make profits for the shareholders, they reduce the workforce. And when workforces are reduced there are reduced production. Reduced supplies increase inflation.

Besides what do those people do who are out of jobs? They claim for unemployment. They can't contribute to SS and Medicare. These funds are likewise negatively affected.

The value of money they received though given salary increases does not equate the high cost of living. Thus, people are digging up their retirement funds like IRA and 401k, just to make ends meet.

And why is the SS and Medicare depleting fast? All Baby boomers have retired and collecting these benefits. More are collecting the benefits.

When less people are working, fewer are contributing to the system. In July expected to increase workforce by 200,000, but only 187,000 came in.

There are so many people being feed and redistributed by Biden, and therefore they don't work.

When fewer people work, production diminishes. Low of supply versus demands create higher inflation.

Plus, added mouths to feed in tens of millions of Biden's illegal invites. More consumptions than production. We have a big problem because of Biden malicious and stupid plans for America to Socialize this nation and finalized to Marxism. Fact is we are already there halfway there. How?
The double tier Justice System. Conservatives have no freedom.

Parky60 Loc: People's Republic of Illinois

The economic meltdown that is coming should not be a surprise to anyone. There have been signs that a major downturn is coming, and that is precisely what we are witnessing right now.

• Tax revenues are way down
• Demand for trucking services is way down
• Demand for cardboard boxes is way down
• The money supply is shrinking at the fastest pace in modern history
• And the Conference Board’s index of leading economic indicators has already declined for 15 months in a row.

At this point, anyone that cannot see what is coming has got to be willingly blind.

The following are 7 trends which indicate that economic disaster is approaching very rapidly…

#1 When economic activity slows down, less tax revenue comes in. Right now, federal government and state government tax revenues are declining precipitously…
• US state and local governments just experienced the worst decline in income tax revenues ever recorded.
• This was the second steepest year-over-year percentage decline in history, with only the Global Financial Crisis having a worse outcome.
• Note that Federal tax receipts are also dropped again, now at recessionary levels and approaching -10% on a YoY basis.

#2 When the economy slows down, trucking companies see less demand for their services.
• So it is deeply alarming that truck freight volume and spending absolutely plummeted during the second quarter…
• Truck freight volume and spending in the second quarter of 2023 declined by the highest levels since the early days of the p******c, the latest U.S. Bank Freight Payment Index revealed.
• Spending by shippers dropped 10.9% compared to the second quarter of 2022 while shipment volume dropped 9%, according to a statement from the Minneapolis-based bank.
• And to top it off, Yellow Corp., one of the largest trucking companies in the U.S. that had been in operation for nearly 100 years, filed for Chapter 11 bankruptcy relief.

#3 Employment is supposed to be the “bright spot” for the economy, but the latest employment report shows that the U.S. actually lost 585,000 fill-time jobs last month…
• Well, one look at this month’s adjustment and it’s literally a shocker: you will not hear anyone from the Biden admin or associated economist cheerleaders mention this, but the BLS reported that in July the number of full-time jobs plunged by 585,000 to 134.274 million, the biggest monthly drop since record c***d crash of 14.7 million jobs!

#4 U.S. employers have already announced more job cuts this year than they did in all of 2022, and the hits just keep on coming…
• CVS Health said Monday it is cutting approximately 5,000 jobs to focus more on healthcare services for its customers.
• The move, which is supposed to help the company save money, will affect workers primarily in corporate jobs, the Wall Street Journal reported.

#5 Thanks to rapidly rising interest rates, monthly costs for new homebuyers are almost 20 percent higher than they were a year ago.
• This is absolutely crushing the housing market…
• The monthly cost for a potential homebuyer has surged nearly 20% compared with a year ago as prices remain elevated, according to new data.
• During the four-week period ending July 30, the monthly mortgage payment for the typical U.S. homebuyer sat at $2,605, 19% higher than the same period a year earlier, according to Redfin.

#6 The fact that delinquency rates for commercial real estate mortgages are skyrocketing is yet another sign that we are in the early stages of the worst commercial real estate crisis in all of U.S. history…
• The delinquency rate of commercial real estate mortgages on office properties that had been securitized into Commercial Mortgage-Backed Securities (CMBS) spiked to 5.0% by loan balance in July, up from a delinquency rate of 2.8% in April, having now spiked by 2.2 percentage points in three months, by far the biggest three-month spike in the data going back to 2000, and by 3.4 percentage points so far this year, by far the biggest seven-month spike, according to Trepp, which tracks and analyzes CMBS.

#7 The share of the U.S. population that cannot even afford “a $400 emergency expense” just continues to go up…
• “The share of U.S. adults who said they would cover a $400 emergency expense with cash or equivalents dropped by 2 percentage points from the previous quarter to 46%, highlighting how cash-strapped many Americans are despite the recent decrease in headline inflation,” according to the survey developed by Bloomberg and conducted by intelligence company Morning Consult.

But Joe Biden and his defenders continue to insist that everything is just fine. In fact, Joy Behar is quite certain that “the economy is booming” right now…
• L*****t Joy Behar — who reportedly earns $7 million annually as a co-host on “The View” — said on Friday’s program that “the economy is booming” and “people are having an easier time putting bread on the table” in a passionate defense of President Joe Biden.

For those that are making millions of dollars a year, I am sure that everything must seem great. But for the rest of us, things are tough. Meanwhile, our banks continue to experience really weird “technical glitches”. For example, in recent days many Wells Fargo customers have been greatly upset about money disappearing from their accounts…
• On X, the platform formerly known as Twitter, users complained about their gisappearing funds. One bank customer said they saw the news about the problem right as they noticed their deposits weren’t in their account. Right before this popped up in the news, I saw that my deposits weren’t in my account,” their tweet read. “I was trying to pay bills and none would go through. This is so unacceptable.” The company responded in a statement to CNN that a “limited amount” of their customers are experiencing the disappearing deposits. They said most of them were “resolved” and that they would fix the problem soon.

This is another example which shows why it is wise to never keep all of your eggs in one basket. Our financial institutions are far more vulnerable than most people realize, and the cyberattacks that we have seen so far are just a small preview of what is coming. Unfortunately, most Americans don’t understand any of the things that I have discussed in this article. Most Americans are simply trusting that our leaders have everything under control, and so they will be bitterly, bitterly disappointed when they finally realize the t***h.

son of witless

Jo-flation is hurting the most vulnerable. Gasoline in my little town went up another 4 cents per gallon just today. Wait until wintertime and people must buy heating oil.

nwtk2007 Loc: Texas

It is hurting them the most for sure but everyone is having to spend more to obtain less. Some can afford it while others can't but it hurts us all.

The lies of this admin are the most incredible gaslighting efforts I have ever seen.

son of witless

Don't forget the propaganda media who cover for Brandon.