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re: Credit card debt up more than 50% in 2023, Bidenomics working
Posted on 2/7/24 at 8:30 am to Warboo
Posted on 2/7/24 at 8:30 am to Warboo
quote:
Economics for dummies is a great book for people that have no clue about economics.
Hes an idiot, not a dummy.
Anyone who has taken micro and macro know that borrowing money in times of plenty is bad classic economics.
He has no clue. This is MMT not classical economics. It will crash.
This post was edited on 2/7/24 at 8:32 am
0
Posted on 2/7/24 at 8:30 am to Warboo
Exactly what I thought. Sheep ready to believe what their masters tell them
Posted on 2/7/24 at 8:37 am to TerryDawg03
quote:
quote:total consumer debt swelled to $17.5 trillion
This deliberately picked number seems scary, but I’m guessing this includes mortgages and things like small business loans. Not all debt is bad debt. In some cases this debt is being used to create wealth. For instance you may have four mortgages but three of them are on rental properties which you are building wealth through.
Posted on 2/7/24 at 8:41 am to minister of truth
quote:
Sheep ready to believe what their masters tell them
They will get it when their monopoly money finally runs out of purchasing power, and they cant eat out every day.
Dont expect a lot of sensibility in vapid humans.
Motown must have really loved the Trump presidency and its trillions of debt.
This post was edited on 2/7/24 at 8:43 am
Posted on 2/7/24 at 8:48 am to ronricks
quote:
Been hearing this since 2015. Hasn't happened. Maybe one day you will be right
No one was talking about economic crisis from 2016 to 2019. You know why? The economic policies that the current admin. have put in place are designed to create massive debt. In the short term this will cause inflation but also flood the markets with cash that has no backing. It is a false economy that in the long term will lead to catastrophic defaults and massive recession. If you laid out a plan to destroy the economy but to do it over a several year period you would include virtually every part of this admin's policies. Lots of cash with no backing will crush the value of the dollar. You may end up with a lot of dollars which are worthless.
This post was edited on 2/7/24 at 8:50 am
Posted on 2/7/24 at 8:48 am to RogerTheShrubber
quote:
Motown must have really loved the Trump presidency and its trillions of debt.
The only thing I disliked about the Trump administration pre-Covid was that he deliberately let the US energy industry get crushed.
Posted on 2/7/24 at 8:49 am to RiverCityTider
quote:
If your disposable income is 10x that of another, a doubling of food pricing is just a minor irritant to you.
Correct.
But No one on this board is in that group. Theyre' simply liars.
Posted on 2/7/24 at 8:57 am to Motownsix
quote:
The rate of homeownership in the USA has changed very little in the past 55 years.
That’s great but it has no bearing on my statement. First time home buyers are priced out. Owning a home is the first step to generational wealth. Current policies are preventing lower income individuals from achieving that.
Posted on 2/7/24 at 8:58 am to Motownsix
quote:
The only thing I disliked about the Trump administration pre-Covid was that he deliberately let the US energy industry get crushed.
You must be a Bernie guy. Modern Monetary Theory doesnt work for everyone, particularly the middle class. Bernie lied to you.
Posted on 2/7/24 at 9:17 am to RogerTheShrubber
thanks joe
Posted on 2/7/24 at 9:21 am to Mo Jeaux
You are either kidding or homosexual because they along with white women are the only enthusiastic supporters of the President
Posted on 2/7/24 at 9:24 am to Motownsix
I’m telling you that your interpretation of the numbers they present is either flawed, incorrect, or downright disingenuous.
You need to better analyze the economic data as a whole before you go touting talking points.
You need to better analyze the economic data as a whole before you go touting talking points.
Posted on 2/7/24 at 9:28 am to Rip Torner
quote:
You are either kidding or homosexual because they along with white women are the only enthusiastic supporters of the President
You're guessing about me, but I don't have to guess that you're retarded if you think I was being an "enthusiastic supporter of the President". Seriously, what on Earth in my statement would have given you that impression?
The OP's thread title does not match what the article says. I was pointing that out. No commentary was otherwise provided.
Posted on 2/7/24 at 9:31 am to Motownsix
quote:
So consumer credit card debt is up 3% since pre-Covid levels and household wealth is at an all-time high.
The reason this is a daily topic is because everyone knows the economy is indeed soaring.
If you are not doing well right now you have made serious financial mistakes. As always everyone posts that their personal finances are great, but they are among the rare people that are just lucky. Not a single first hand account of how this economy has made a person worse off than pre-Covid.
Household wealth at an all time high
Stock market at record highs
Home value up 50% or more since pre-Covid
Record unemployment
Highest wages ever
quote:
Household wealth at an all time high
Paper wealth
quote:
Stock market at record highs
Paper wealth
quote:
Home value up 50% or more since pre-Covid
Paper wealth
quote:
Record unemployment
Debatable
quote:
Highest wages ever
NOT paper wealth, but also not entirely accurate. NOMINAL wages might be highest ever. When you factor in the other half of the equation - what can your wages buy? - not so much.
I try to refrain from calling people idiots, etc., since it's not terribly civil. It appears you're not terribly informed outside of soundbites and other meaningless talking points. If I'm wrong, then my apologies, and perhaps you could explain your position in greater detail.
Posted on 2/7/24 at 9:35 am to Motownsix
quote:
So consumer credit card debt is up 3% since pre-Covid levels and household wealth is at an all-time high.
Because of inflated real estate values. How does your house help you pay credit card bills?
Also, companies don't normally lay off thousands in a strong economy.
This post was edited on 2/7/24 at 9:38 am
Posted on 2/7/24 at 9:41 am to DaBike
It's worse than the debt just being high. The % of credit card debt relative to money in the bank is near the lowest in 20 years
Posted on 2/7/24 at 9:41 am to Mo Jeaux
Sure thing chief, I have seen enough of your posts to gauge your stupidity and apparent strong case of the gay
Posted on 2/7/24 at 9:45 am to DaBike
It's all fine! just need a little credit card forgiveness! a few billion sprinkled here and there, then Biden (I mean KJP) can constantly post tweets boasting about it, and giving us some of that "breathing room", building this economy from the "inside out", and all that nonsense.
Posted on 2/7/24 at 9:46 am to DaBike
Why is there ever any politician who wants to lower cc rates?
Posted on 2/7/24 at 10:23 am to DaBike
NOT going to blame credit card debt on Biden, Trump or anyone else. Look in the mirror.
This generation needs it right now, don't save for it. Being frugal - what is that?!
Purchase it right now! Gotta keep up with 'Jones' down the street - truck, boat, TVs, nails, hair, coffee, etc. They are their own worse enemy, and then they want to complain....classic.
This generation needs it right now, don't save for it. Being frugal - what is that?!
Purchase it right now! Gotta keep up with 'Jones' down the street - truck, boat, TVs, nails, hair, coffee, etc. They are their own worse enemy, and then they want to complain....classic.
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