USA'S FINANCIAL CONDITION
10 Numbers
According to Professor Larry Kotlikoff, the USA's unfunded liabilities are well in excess of 200 trillion dollars right now.
If individuals, corporations, state and local governments and the federal government all stopped going into more debt, we would plunge into the greatest economic depression in U.S. history immediately.
1. The size of the official U.S. budget deficit is up 21 percent under President Trump.
2. Real wage growth in the United States just declined by the most that we have seen in 6 years.
3. U.S. consumer credit just hit another all-time record high.
In the second quarter of 2008, total consumer credit reached a grand total of 2.63 trillion dollars, and now ten years later that number has soared to 3.87 trillion dollars.
That is an increase of 48 percent in just one decade.
4. Student loan debt has surpassed 1.5 trillion dollars for the first time ever.
4. Student loan debt has surpassed 1.5 trillion dollars for the first time ever.
Over the last 8 years, the total amount of student loan debt has shot up 79 percent in the United States.
5. According to the Federal Reserve, the credit card default rate in the U.S. has risen for 7 quarters in a row.
6. One recent survey found that 42 percent of American consumers paid their credit card bill late “at least once in the last year”, and 24 percent of Americans consumers paid their credit card bills late “more than once in the last year”.
7. According to one recent study, the “rate of people 65 and older filing for bankruptcy is three times what it was in 1991”.
8. We are in the midst of the greatest “retail apocalypse” in American history.
5. According to the Federal Reserve, the credit card default rate in the U.S. has risen for 7 quarters in a row.
6. One recent survey found that 42 percent of American consumers paid their credit card bill late “at least once in the last year”, and 24 percent of Americans consumers paid their credit card bills late “more than once in the last year”.
7. According to one recent study, the “rate of people 65 and older filing for bankruptcy is three times what it was in 1991”.
8. We are in the midst of the greatest “retail apocalypse” in American history.
At this point, 57 major retailers have announced store closings so far in 2018.
9. It is being projected that interest on the national debt will surpass half a trillion dollars for the first time ever this year.
10. Goldman Sachs is projecting that the yearly U.S. budget deficit will surpass 2 trillion dollars by 2028.
9. It is being projected that interest on the national debt will surpass half a trillion dollars for the first time ever this year.
10. Goldman Sachs is projecting that the yearly U.S. budget deficit will surpass 2 trillion dollars by 2028.
If individuals, corporations, state and local governments and the federal government all stopped going into more debt, we would plunge into the greatest economic depression in U.S. history immediately.
Continued here: 10 Numbers
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Labels: credit, debt, national debt, retailers, Trump, USA, wages
posted by Anon @ 00:48
5 Comments
5 Comments:
https://www.activistpost.com/2018/08/the-federal-reserve-secretly-sticking-it-to-americans-for-over-100-years.html
With Trump's multiple business bankruptcies, he can bring experience to the handling of USA bankruptcy
Not contradicting the points in the above article, the big advantage of the USA for a little while longer, is that most global international debt is denominated in US 'dollars', which means that people struggling to pay debt around the world are all bidding for 'dollars' ... thus for a while still, pushing up the US dollar's strength and value.
It is only when the big big crash comes, and the world in general stops paying debts and going bankrupt, that the US dollar will also be hit, once the world is no longer bidding for 'dollars' ... but that is still some at least many months off
Some Chinese say Trump is very clever in taking advantage of the final months or year or two of dollar hegemony ... he may succeed in crashing China, which actually has many trillions of commercial debt in foreign currency above all 'dollars', debt much bigger than China's much-touted 3.5 trillion 'reserves'
Ironically, both some leftist as well as some alt-right economic writers, are hinting that Trump is correct on international trade ... we need a lot less of neo-liberal, globalist 'trade' in order to empower local peoples into self-sufficiency ... what is much better is for nations to not be in debt in foreign currency, and to do as much as possible in a framework of autarky, to grow your own food, have your own industry, have little or no needs from outside
Russia has said the 'sanctions' were a great blessing, encouraging Russia to grow more variety of food itself and do more in its own industry
Great Video naming all the Ashkenazi Jews surrounding trump
https://www.youtube.com/watch?v=TabbCeAANDk&t=562s
Aang, can you address Trump and TPP, whatever he is doing with trade deals I know is detrimental, because Alex Jones spins it as good. I am aware that TPP, GATT, NAFTA etc. are oligarch creations, and as Trump is surrounded by zionists, what is the aim of having Trump alter trade deals? Any information you can provide will be greatly appreciated.
https://m.youtube.com/watch?v=2G6mTX07I1M ...Bombshell..China owns California thanx to Rothschild& Clinton..& they are evicting the locals -legally-using any means necessary-hence the fires /D.E.W attacks-...increase the peace1&All x
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