Average consumer now carries $6,329 in credit card debt. 'People are stretched,' expert says

[RileyG]

“Families are paying over $17,000 more annually just to maintain the same standard of living they enjoyed before Biden-Harris took office. Their bank accounts have been wiped out, with the savings rate dropping from 7.7% right before the pandemic to 3.4% under Kamalanomics,” Mr. Arrington said.

“Unemployment has risen for four straight months, and recent revisions show the job market is markedly weaker than previously reported. Consumer interest rates stand at a 23-year high. It’s hard to fathom how hardworking American families can survive another four years of the Biden-Harris failed economic agenda,” he concluded.

Rep. Jodey Arrington issues reminders on the effects of Bidenomics

“While the Conference Board’s report showed a slight improvement in consumer confidence, overall markets remain weak and Americans are worried about the health of the labor market,” House Budget Committee Chairman Jodey Arrington said in a statement shared with Inside the Beltway.

www.washingtontimes.com

Let them eat toast!

Another reason why I don't want Harris in office.

We won't thrive under her.

 

[Desk trauma]

“Families are paying over $17,000 more annually just to maintain the same standard of living they enjoyed before Biden-Harris took office. Their bank accounts have been wiped out, with the savings rate dropping from 7.7% right before the pandemic to 3.4% under Kamalanomics,” Mr. Arrington said.

“Unemployment has risen for four straight months, and recent revisions show the job market is markedly weaker than previously reported. Consumer interest rates stand at a 23-year high. It’s hard to fathom how hardworking American families can survive another four years of the Biden-Harris failed economic agenda,” he concluded.

Rep. Jodey Arrington issues reminders on the effects of Bidenomics

“While the Conference Board’s report showed a slight improvement in consumer confidence, overall markets remain weak and Americans are worried about the health of the labor market,” House Budget Committee Chairman Jodey Arrington said in a statement shared with Inside the Beltway.

www.washingtontimes.com

Let them eat toast!

Hooray free market! Right?

 

[Oompa Loompa]

Credit card debt is on the rise.

Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday.

View attachment 354330

https://www.cnbc.com/2024/08/08/credit-card-debt-and-delinquencies-are-on-the-rise-reports-finds.html

I have heard a report that defaults are skyrocketing too.

That's Bidenomics for you.

"Bidenomics is working." - Kamala Harris

 

[HARK!]

"Bidenomics is working." - Kamala Harris

It's working for the Military Industrial Complex, and the International Banking Cartels.

 

[Oompa Loompa]

Well it is a good thing he isn't running again.

I don't think that is entirely accurate. Biden was just an empty suit that the DNC overlords used to push their agenda. Nobody actually knows who is running the country right now. I believe it is likely that the same people pulling the puppet strings on Biden are doing the same to Kamala. New puppet, same puppeteers.

 

[Oompa Loompa]

I'm sorry for the workin' man, not even able to afford a g.

Is this some peasant joke I am too rich to understand?

 

[HARK!]

Hooray free market! Right?

Oh like this administration's push for EVs that the market rejects! Right?

The big three U.S. automakers — GM, Ford and Stellantis, formerly Fiat Chrysler — said the agreement reflected their “commitment to be leaders in the U.S. transition to electric vehicles.” But in a joint statement, they emphasized that they would need reliable federal help to achieve the goal.

“This represents a dramatic shift from the U.S. market today that can be achieved only with the timely deployment of the full suite of electrification policies committed to by the administration in the Build Back Better Plan,” the major automakers said, specifically citing purchase incentives, charging stations and federal investments in research, development and supply chains.

The rapid shift toward electric vehicles has stoked concerns for U.S. autoworkers about more outsourcing of jobs overseas, as the U.S. remains far behind Europe and Asia in building and buying electric cars. The brushless motors in electric vehicles take fewer worker hours to build and are far more likely to be made with nonunion labor or packaged with batteries built by subsidiaries that pay less.

Biden signs order aiming for half of new vehicles to be electric by 2030

Automakers' expected quick transition from gas-burning cars and trucks to electric is a key part of the White House strategy to fight global warming.

www.nbcnews.com

 

[Oompa Loompa]

You can speculate all you want; but the facts remain the same....and of course the Biden/Harris Administration shutting down the economy had nothing to do with anything.

How do you suppose credit card debt decreased when people lost their jobs during the covid lockdowns?

 

[Desk trauma]

Oh like this administration's push for EVs that the market rejects! Right?

The big three U.S. automakers — GM, Ford and Stellantis, formerly Fiat Chrysler — said the agreement reflected their “commitment to be leaders in the U.S. transition to electric vehicles.” But in a joint statement, they emphasized that they would need reliable federal help to achieve the goal.

“This represents a dramatic shift from the U.S. market today that can be achieved only with the timely deployment of the full suite of electrification policies committed to by the administration in the Build Back Better Plan,” the major automakers said, specifically citing purchase incentives, charging stations and federal investments in research, development and supply chains.

The rapid shift toward electric vehicles has stoked concerns for U.S. autoworkers about more outsourcing of jobs overseas, as the U.S. remains far behind Europe and Asia in building and buying electric cars. The brushless motors in electric vehicles take fewer worker hours to build and are far more likely to be made with nonunion labor or packaged with batteries built by subsidiaries that pay less.

Biden signs order aiming for half of new vehicles to be electric by 2030

Automakers' expected quick transition from gas-burning cars and trucks to electric is a key part of the White House strategy to fight global warming.

www.nbcnews.com

Which has what to do with credit card debt?

 

[HARK!]

How do you suppose credit card debt decreased when people lost their jobs during the covid lockdowns?

Because of this administration's supply chain issues, there was little on the shelves to buy; people were3 on lockdown and were could not make casual purchases; people were cautious in their purchases, as they didn't know when their next pay check would come; while this administration was handing out free money, that would make the national debt skyrocket?

 

[HARK!]

Which has what to do with credit card debt?

Hint: It's the economy.

 

[HARK!]

China’s $100 Billion Short Against Dollar Enriches Hedge Funds​

China’s embrace of a stealthy strategy to manage its currency is exposing the nation’s banks to billions of dollars of potential losses — and handing easy profits to investors on the other side of the trade.

Bloomberg

Yep, China just made a $100 Billion dollar bet that the US dollar will be devalued.

YEAH Biden/Harris!

 

[iluvatar5150]

You can speculate all you want; but the facts remain the same....

Yes, the fact remains that the first 3 or so years of the Biden administration, delinquent cc debt was lower than it was at the peak of the Trump administration. It’s only within the last couple months that it ticked over Trump’s peak.

Cause -----> Effect

What was the cause of the rise during the Trump administration?

of course the Biden/Harris Administration shutting down the economy had nothing to do with anything.

You mean the shutdown that started in spring of 2020 while Trump was still president?

I gotta say, it doesn’t seem like you’ve really thought through this theory very well.

 

[All Becomes New]

It is the American public that is to blame. It is not a politician. It is the whole "keeping up with the Jones." It is the cancer of consumerism. It is living beyond your means. It is being fiscally irresponsible. If anyone is to blame it is the people themselves who always want that house that is just a bit out of their range or that vehicle that is a little more then they want to spend but is just such a good car. Etc.

 

[HARK!]

Yes, the fact remains that the first 3 or so years of the Biden administration, delinquent cc debt was lower than it was at the peak of the Trump administration. It’s only within the last couple months that it ticked over Trump’s peak.

Then how would you explain this administration's destruction to the economy?

 

[HARK!]

It is the American public that is to blame. It is not a politician. It is the whole "keeping up with the Jones." It is the cancer of consumerism. It is living beyond your means. It is being fiscally irresponsible. If anyone is to blame it is the people themselves who always want that house that is just a bit out of their range or that vehicle that is a little more then they want to spend but is just such a good car. Etc.

Shame on Americans for wanting to eat ramen noodles like their neighbors, and have a reliable car.

 

[All Becomes New]

Shame on Americans for wanting to eat ramen noodles like their neighbors, and have a reliable car.

I don't think you understand my post.

 

[iluvatar5150]

Then how would you explain this administration's destruction to the economy?

as a figment of your imagination

 

[HARK!]

as a figment of your imagination

Must be nice to be oblivious to the economic struggles that most Americans are suffering.

 

[All Becomes New]

Must be nice to be oblivious to the economic struggles that most Americans are enduring.

It's not undoable. By almost anyone.

You go to the grocery store. You can either buy the name-brand cereal in a box that will last you a week or you can buy the same exact cereal in a bag that will last you two and a half weeks. Only a fool would buy the name brand. And that story is played over and over and over in consumerism in the US of A.