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

[bèlla]

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.

Price gouging began in 2020.
Pandemic spending (aka the printing press) began in 2020.
Inflation is the result of the printing press.

~bella

 

[iluvatar5150]

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

It has its perks, but it's not all sunshine and roses over here. We're also saddled with the burden of dealing with facts instead of just substituting our preferred partisan propaganda whenever it suits us.

 

[NxNW]

Cause -----> Effect

Please elaborate on the cause.

 

[wing2000]

That's Bidenomics for you.

Nope. That's Americans spending beyond their means.

 

[RileyG]

Nope. That's Americans spending beyond their means.

I think it’s both.

 

[KCfromNC]

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

It's a right wing fantasy that doesn't line up with the economic data.

 

[All Becomes New]

BTW, people having debt is different than the National Debt or even Inflation. These are all separate things. People have debt because they spend more than they make. And there is a very easy fix for that: Stop spending money you don't have.

 

[bèlla]

Everyone in debt isn't overspending or living above their means. Debt can be the result of emergencies, job loss, health problems, low wages or other factors. A modest understanding of economics and financial literacy would minimize assumptions.

~bella

 

[All Becomes New]

Everyone in debt isn't overspending or living above their means. Debt can be the result of emergencies, job loss, health problems, low wages or other factors. A modest understanding of economics and financial literacy would minimize assumptions.

~bella

I will grant you emergencies, job loss, and health problems, but I cannot grant you low wages. That is simply not true. I take in about the world's average of money which is far less than the US average and I have zero debt. How do I do it? I don't spend money I don't have.

 

[NxNW]

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

No such struggles have been demonstrated.

 

[bèlla]

I will grant you emergencies, job loss, and health problems, but I cannot grant you low wages. That is simply not true. I take in about the world's average of money which is far less than the US average and I have zero debt. How do I do it? I don't spend money I don't have.

We're not speaking of individual cases. We're addressing the collective. Financial analysis isn't personal. You don't insert yourself in the findings. You look for trends within the data for the result and opinions follow. Your personal practices don't explain why credit card debt exists for Americans. Nor would your circumstances meet the criteria being examined. By your own admission you have no debt and that's the subject under scrutiny.

~bella

 

[All Becomes New]

We're not speaking of individual cases. We're addressing the collective. Financial analysis isn't personal. You don't insert yourself in the findings. You look for trends within the data for the result and opinions follow. Your personal practices don't explain why credit card debt exists for Americans. Nor would your circumstances meet the criteria being examined. By your own admission you have no debt and that's the subject under scrutiny.

~bella

It's almost always about using money responsibly or not. That is common sense. Even in cases like emergencies and medical problems, it is possible to not have debt because of those things if you are responsible with your money and save for a rainy day (with the help of insurance and such). Almost all issues of debt (especially credit card debt) are because people have been fiscally irresponsible. To deny this is to deny common sense. If you spend more than you take in, that is called a deficit. There are checks and balances. If your income is less than you spend, you are going to have debt. And in the US it is possible for almost everyone to live without debt (especially credit card debt). The problem is just what I said: that people live beyond their means. Instead of going with a cheaper option, they want the better thing whether they can afford it or not. I am sorry common sense is offensive to you.

 

[loveofourlord]

remind me wich party is going to increase taxes on middle class, and plans to put out braindead tarrifs that will increase prices while giving tax cuts to the rich?

 

[HARK!]

remind me wich party is going to increase taxes on middle class, and plans to put out braindead tarrifs that will increase prices

I think that tariffs will serve to bring jobs and industry back home, and make America great again.

Do you support outsourcing manufacturing jobs overseas, so that Americans are left with service jobs, like stocking Walmart shelves on 3rd shift with inferior Chinese merchandise?

America used to have a strong economy; because we were the world's greatest exporter; because we made the best products in the world.

 

[iluvatar5150]

I think that tariffs will serve to bring jobs and industry back home, and make America great again.

Over what time frame and at what cost do you expect this to happen?

Do you support outsourcing manufacturing jobs overseas, so that Americans are left with service jobs, like stocking Walmart shelves on 3rd shift with inferior Chinese merchandise?

Those jobs have already been outsourced and consumer expectations regarding prices already set. The way this plan works is to raise prices on foreign goods such that they’re more expensive than goods made in America, paying American wages. You’ve complained a lot about inflation and this tariff plan would likely cause inflation to eclipse anything we saw from covid by a wide margin. Are you ready for that?

 

[RileyG]

Everyone in debt isn't overspending or living above their means. Debt can be the result of emergencies, job loss, health problems, low wages or other factors. A modest understanding of economics and financial literacy would minimize assumptions.

~bella

Well said. As always.

 

[HARK!]

Over what time frame and at what cost do you expect this to happen?

Cost? The administration has taken the national debt to an all time high. The current trend cannot be sustained.

The object of business is to make money, not incur debt.

At this critical time in our economic history, it would serve us well to have a team that understands business.

Trump has the support of Musk in his cabinet. These two success stories will be the foundation of a very strong team.

 

[Hans Blaster]

I think that tariffs will serve to bring jobs and industry back home, and make America great again.

Do you support outsourcing manufacturing jobs overseas, so that Americans are left with service jobs, like stocking Walmart shelves on 3rd shift with inferior Chinese merchandise?

America used to have a strong economy; because we were the world's greatest exporter; because we made the best products in the world.

There is a huge growth investment in construction of industrial plants in the US going on right now. Companies are building and manufacturing plants in the US faster than any time in recent history.

 

[iluvatar5150]

Cost?

Yes, cost. Tariffs are, essentially, a tax on the consumer. Why are you guys so gungho on raising costs to consumers?

The administration has taken the national debt to an all time high. The current trend cannot be sustained.

Every administration takes the debt to an all time high. You may as well say that the administration oversees the infrastructure getting a couple years older. It’s true, but mostly meaningless.

The object of business is to make money, not incur debt.

Lots of businesses incur debt in order to make money. It’s extremely common. But the government isn’t a business, so I don’t know what your point is.

At this critical time in our economic history, it would serve us well to have a team that understands business.

Oh, so you want to install a real estate mogul who managed to chase away most of the CEO’s he hired last time?

For someone so business savvy, why can’t Trump manage to correctly describe how tariffs work?

Trump has the support of Musk in his cabinet. These two success stories will be the foundation of a very strong team.

Oh boy, maybe he’ll run the government like he’s run Twitter or his Cybertruck program.

 

[HARK!]

Those jobs have already been outsourced and consumer expectations regarding prices already set. The way this plan works is to raise prices on foreign goods such that they’re more expensive than goods made in America, paying American wages. You’ve complained a lot about inflation and this tariff plan would likely cause inflation to eclipse anything we saw from covid by a wide margin. Are you ready for that?

A large component of the inflation that we are seeing is a result of the government spending more than it collects in revenue. Therefore they print more money to cover expenses. This devalues the dollar; so it takes more dollars to buy the same product.

Imposing tariffs serves to offset those expenses. It also serves to promote competition here at home. Industrial jobs provide good income for blue collar workers. It brings wealth to families that can help to better pay for the government. When the US has more product to sell overseas, that serves to offset the trade imbalance, which brings taxable overseas money into our economy.