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re: Credit card debt up more than 50% in 2023, Bidenomics working
Posted on 2/7/24 at 12:58 pm to RogerTheShrubber
Posted on 2/7/24 at 12:58 pm to RogerTheShrubber
Jesus Christ. Try again that didn't hurt my feelings mental munchkin.
Edit: This is some of you. You don't agree with me so I call you names. Hahaha
Edit: This is some of you. You don't agree with me so I call you names. Hahaha
This post was edited on 2/7/24 at 1:00 pm
0
Posted on 2/7/24 at 1:00 pm to minister of truth
quote:
In regards to the national debt, blame could be laid at Obama‘s, trumps and Biden‘s feet, and probably at the feet of the next president as well
National Debt was manageable until Reagan. He spent massive amounts on the Cold War and funding rebels across South America - same time as he cut taxes in half and essentially eliminated federal income from the top 1% of earners. He justified it buy saying the we would reap the benefits of a global economy and eventually pay off the debt. He envisioned us as the defenders of democracy, and other countries would pay us in tributes for that protection. Also he envisioned an open western hemisphere with free trade and cheap migrant labor. The crap we buy from China - he wanted those factories all south of the border and under our ownership. Now the party of Reagan is against all of that.
Every president since we continue to put money on the card because we cant manage the interest and we refuse to raise taxes to pay it off.
Clinton is the only president in the last 50 years to put a dent in the debt. One year he managed a slight decline by selling off US military assets.
This post was edited on 2/7/24 at 1:10 pm
Posted on 2/7/24 at 1:01 pm to WaltWhite504
quote:
Clinton is the only president in the last 50 years to put a debt in the debt.
Thanks to the Dot.com bubble.
Posted on 2/7/24 at 1:05 pm to RogerTheShrubber
quote:
Thanks to the Dot.com bubble.
True - Bush inherited 9-11 and now we feel the need to spend 80 cents of every dollar on national security.
This post was edited on 2/7/24 at 1:05 pm
Posted on 2/7/24 at 1:08 pm to RogerTheShrubber
quote:
Thanks to the Dot.com bubble.
Are you saying presidents don't have much to do with the economy? Unless they recklessly add 28% to the national debt in 4 years? He didn't even have wars to deal with to add that much. When do actions speak louder than words?
Posted on 2/7/24 at 1:08 pm to WaltWhite504
The current economy has been running on the tech bubble, and inflated by borrowed money.
There is no soft landing, they will continue to manipulate the economy to protect investors.
There is no soft landing, they will continue to manipulate the economy to protect investors.
Posted on 2/7/24 at 1:09 pm to WaltWhite504
Good to know! What we tend to do, however, is to place blame, or give credit entirely to the president for the country’s economic situation when in fact, Congress in large part also a factor in our economic status/debt. More so probably in the past. Clinton was wise enough to work with a majority republican Congress during the latter part of his stint
Posted on 2/7/24 at 1:11 pm to RogerTheShrubber
quote:
The current economy has been running on the tech bubble, and inflated by borrowed money.
There is no soft landing, they will continue to manipulate the economy to protect investors.
So what is Trumps Plan other than dictator for a day and ill have it done in 24 hours? Does anyone really believe this crap?
Posted on 2/7/24 at 1:12 pm to NanNinjaDej
quote:
Are you saying presidents don't have much to do with the economy?
No, I'm not. They sign budgets. They also should be leading their party, since the president is the leader of their own party.
You can keep an economy humming on borrowed money, thats easy. The fella behind you just has to deal with it.
And apparently he's kicking the can down the road too.
Posted on 2/7/24 at 1:12 pm to ronricks
Youse bees a smart one huh. Where you get dat schooling ? One f dem big city schools?
Posted on 2/7/24 at 1:14 pm to NanNinjaDej
quote:
So what is Trumps Plan
The exact same as Biden's plan, which was Obamas plan.
This post was edited on 2/7/24 at 1:22 pm
Posted on 2/7/24 at 1:18 pm to ksayetiger
quote:
Good lord!!
Is that 53,000 per every person in the US? Is my math correct?
They're saying total consumer debt
Credit card balances are at 1.13 trillion
Posted on 2/7/24 at 1:39 pm to udtiger
quote:
we already know a shitton of mortgages are 90 days behind
Which is really surprising considering how many people have low interest rates. If they can't afford those we're about to see a permanent shift to a serf class.
Posted on 2/7/24 at 2:16 pm to Motownsix
quote:
So consumer credit card debt is up 3% since pre-Covid levels and household wealth is at an all-time high.
Household wealth is not at an all time high.
The real median household income in the US peaked in 2019 at 78,250. Since then it has been in a steady decline and is now at 74,580.
Between 2016 and 2019 it went from 70,840 to 78,250.
Posted on 2/7/24 at 2:22 pm to DaBike
If this economy was so great , why the need to run a $2+ trillion deficit ?
Posted on 2/7/24 at 2:24 pm to boogiewoogie1978
quote:
If they can't afford those we're about to see a permanent shift to a serf class.
The goal of technocrats.
Posted on 2/7/24 at 2:32 pm to DaBike
When this bubble bursts, it's going to be really ugly.
Not to mention all of the other markets that credit cards are relieving pressure from. Mortgages, for one.
Not to mention all of the other markets that credit cards are relieving pressure from. Mortgages, for one.
Posted on 2/7/24 at 2:59 pm to Motownsix
quote:
The average person is doing quite well right now, and if they’re not it’s their own fault.
I'm doing fine, but it'd be a lot fricking cooler if prices for necessities weren't sky rocketing.
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