THE CAPE CHARLES MIRROR MAY 15, 2023 AT 9:57 PM
Paul R. Plante says:
On July 19, 2021, in his “Remarks by President Biden on the Economy,” we had Joe Biden saying as follows; to wit:
We can’t go back to the old, failed thinking.
We need to grow the economy from the bottom up and the middle out, as I’ve said before.
end quotes
And for a vivid example of what Joe calls growing the economy from the bottom up and the middle out so that the rich and wealthy do quite well, which is the way it should be, because it is the right thing to do, let’s go to a CNBC story titled “Consumer debt passes $17 trillion for the first time despite slide in mortgage demand” by Jeff Cox on May 15, 2023, where we have as follows on that very subject, to wit:
Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing.
The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period, the New York Federal Reserve reported Monday.
That took total indebtedness up about $2.9 trillion from the pre-Covid period ended in 2019.
end quotes
When Joe Biden talks about growing the economy from the bottom up and the middle out, there is exactly how he is doing it – pushing those at the bottom and in the middle further into debt, making them in essence debt slaves, so that Joe’s upper class, the rich and wealthy the Democrats and Joe Biden rely upon for political contributions, do well for themselves, and so, have some extra coin to contribute to Joe and the Democrats, which takes us back to that story, as follows:
That increase came even though new mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the second quarter of 2014.
The total was 35% lower than in the fourth quarter of 2022 and 62% below the same period a year ago.
New home loans peaked at $1.22 trillion in the second quarter of 2021 and have been falling since as interest rates have increased.
The higher rates helped push total mortgage debt to $12.04 trillion, up 0.1 percentage point from the fourth quarter.
end quotes
And here, while we are also on causes of the GREAT DEPRESSION, let us consider the following, and as I have said before, this used to be a topic taught in high school in America so we would know the difference, to wit:
Q: What is the connection between the consumerism of the 1920s and the Great Depression?
A: Consumerism was a culture that dominated the 1920s.
It resulted in people buying things they didn’t need and taking on debt they couldn’t afford, which ultimately led to the stock market crash.
end quote
Which takes us back to Joe on July 19, 2021, to wit:
Our economy has come a long way over the last six months.
We can’t slow down now.
We can make this boom we’re experiencing today one that will ensure that all Americans have an opportunity to share in it for years to come.
And we can show the world that American democracy can deliver for the people.
I look forward to continuing to build this economy.
And I’m incredibly optimistic about what we’re going to be able to build together in the next six months and the years to come.
end quotes
Which takes us back to the CNBC article to see more of what Joe was talking about there, to wit:
Delinquency rates for all debt increased, up 0.6 percentage point for credit cards to 6.5% and 0.2 percentage point for auto loans to 6.9%.
Total delinquency rates moved up 0.2 percentage point to 3%, the highest since the third quarter of 2020.
Student loan debt edged higher to $1.6 trillion and auto loans nudged up as well to $1.56 trillion.
end quotes
Which takes us back to causes of the GREAT DEPRESSION, to wit:
Q: What happened to consumer debt between 1920 and 1930?
A: Consumer debt more than doubled between 1920 and 1930.
Q: How was consumer debt a cause of the Great Depression?
A: Economist Irving Fisher explained in 1933 that to keep up with their house, auto, and other debt payments, people cut back on their spending.
This, he said, was the major reason consumer demand dropped, which caused more price and wage deflation, less investment, falling output by companies, and layoffs.
http://www.capecharlesmirror.com/op-ed- ... ent-800231
ON JOE BIDEN'S RIGGED "GREEN" GAME
Re: ON JOE BIDEN'S RIGGED "GREEN" GAME
THE CAPE CHARLES MIRROR MAY 17, 2023 AT 8:09 PM
Paul R. Plante says:
So, here we have a benchmark date in this saga of Joe Biden’s RIGGED GREEN GAME that we, the American people are getting stuck with the bill for, along with the INFLATION TAX we are being forced to pay as a consequence of all the borrowed money Joe Biden is plowing into the economy, and that benchmark date is July 19, 2021, when in his “Remarks by President Biden on the Economy,” we had Joe Biden stating as follows with respect to Joe exacting a promise from Powell to in fact monetize Joe’s massive debt, as follows, to wit:
THE PRESIDENT: As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent.
But whatever different views some might have on current price increases, we should be united on one thing: passage of the Bipartisan Infrastructure Framework, which we shook hands on.
We shook hands on it.
end quotes
So using that date of July 19, 2021 as our benchmark, we can then search the internet to see if we can find any references from either Joe Biden or Jerome Powell as to what they did shake hands on, which first takes us to a CNBC article dated January 20, 2021, six months earlier, and titled “The Fed under Biden: New mandates, a close White House tie and big challenges ahead” by Jeff Cox, where we had as follows with respect to the relationship between Joe Biden and Jerome Powell, who is supposed to be independent from Joe Biden, but clearly is not, to wit:
The Federal Reserve is likely to enjoy a more cordial relationship with President Joe Biden than it did with Donald Trump, who once called central bankers “boneheads.”
end quote
A more cordial relationship, people?
How does that fit in with the concept of an independent Federal Reserve?
And was Trump wrong, given the abysmally poor record of the Federal Reserve, to call the central bankers “boneheads?”
Keep an open mind on that thought, considering where the Federal Reserve, in colluding with Joe Biden to finance his INSANE GREEN DREAM has brought us to, which takes us back to that CNBC article, where we have more on the incestuous relationship between the Biden administration and the Federal Reserve under Biden pet poodle Jerry Powell, to wit:
“He will respect the office.”
“Biden’s an old-fashioned guy,” said Christopher Whalen, a finance veteran and head of Whalen Global Advisors.
However, the Fed under Biden likely will be pushed toward addressing racial inequality and climate change.
“Above all else, what the Fed wants to do is to keep as much power as they can, and the way in which they keep their power is to keep the party in charge happy,” policy expert Ed Mills said.
end quotes
And right there goes any pretense that the Federal Reserve is independent of partisan politics right out the window, which is important for we, the American people to know, which takes us back to CNBC, to wit:
There likely will be no nasty tweets in the middle of the night excoriating the Federal Reserve to lower interest rates.
Nor will its officials be called “boneheads” should their actions not be in keeping with President Joe Biden’s wishes.
But that doesn’t mean the U.S. central bank won’t face pressure as it looks to navigate its way through a new administration.
Challenges ahead include the coronavirus pandemic, as well as demands for a more inclusive economy and a stronger approach toward social issues, such as racial equality and climate change.
There also will be an interesting new dynamic, where Treasury Secretary nominee Janet Yellen will, if confirmed, have the added benefit of being a former Fed chair.
Broad monetary policy changes are unlikely ahead.
Biden likely will enjoy the same low interest rate environment that the last two holders of the office have held.
end quotes
And let us stop right there for the moment with that statement from January 20, 2021 that Joe Biden likely would enjoy the same low interest rate environment that the last two holders of the office have held, because there is the fatal flaw in Joe Biden’s INSANE GREEN DREAM that has come back around to bite we, the American people right in the ***, because thanks to the inflation caused by Joe’s INSANE GREEN DREAM, it is no longer a low interest rate environment and that, people, spells danger down the road for us, so stay tuned for more on that very subject, courtesy of the Cape Charles Mirror!
http://www.capecharlesmirror.com/op-ed- ... ent-800870
Paul R. Plante says:
So, here we have a benchmark date in this saga of Joe Biden’s RIGGED GREEN GAME that we, the American people are getting stuck with the bill for, along with the INFLATION TAX we are being forced to pay as a consequence of all the borrowed money Joe Biden is plowing into the economy, and that benchmark date is July 19, 2021, when in his “Remarks by President Biden on the Economy,” we had Joe Biden stating as follows with respect to Joe exacting a promise from Powell to in fact monetize Joe’s massive debt, as follows, to wit:
THE PRESIDENT: As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent.
But whatever different views some might have on current price increases, we should be united on one thing: passage of the Bipartisan Infrastructure Framework, which we shook hands on.
We shook hands on it.
end quotes
So using that date of July 19, 2021 as our benchmark, we can then search the internet to see if we can find any references from either Joe Biden or Jerome Powell as to what they did shake hands on, which first takes us to a CNBC article dated January 20, 2021, six months earlier, and titled “The Fed under Biden: New mandates, a close White House tie and big challenges ahead” by Jeff Cox, where we had as follows with respect to the relationship between Joe Biden and Jerome Powell, who is supposed to be independent from Joe Biden, but clearly is not, to wit:
The Federal Reserve is likely to enjoy a more cordial relationship with President Joe Biden than it did with Donald Trump, who once called central bankers “boneheads.”
end quote
A more cordial relationship, people?
How does that fit in with the concept of an independent Federal Reserve?
And was Trump wrong, given the abysmally poor record of the Federal Reserve, to call the central bankers “boneheads?”
Keep an open mind on that thought, considering where the Federal Reserve, in colluding with Joe Biden to finance his INSANE GREEN DREAM has brought us to, which takes us back to that CNBC article, where we have more on the incestuous relationship between the Biden administration and the Federal Reserve under Biden pet poodle Jerry Powell, to wit:
“He will respect the office.”
“Biden’s an old-fashioned guy,” said Christopher Whalen, a finance veteran and head of Whalen Global Advisors.
However, the Fed under Biden likely will be pushed toward addressing racial inequality and climate change.
“Above all else, what the Fed wants to do is to keep as much power as they can, and the way in which they keep their power is to keep the party in charge happy,” policy expert Ed Mills said.
end quotes
And right there goes any pretense that the Federal Reserve is independent of partisan politics right out the window, which is important for we, the American people to know, which takes us back to CNBC, to wit:
There likely will be no nasty tweets in the middle of the night excoriating the Federal Reserve to lower interest rates.
Nor will its officials be called “boneheads” should their actions not be in keeping with President Joe Biden’s wishes.
But that doesn’t mean the U.S. central bank won’t face pressure as it looks to navigate its way through a new administration.
Challenges ahead include the coronavirus pandemic, as well as demands for a more inclusive economy and a stronger approach toward social issues, such as racial equality and climate change.
There also will be an interesting new dynamic, where Treasury Secretary nominee Janet Yellen will, if confirmed, have the added benefit of being a former Fed chair.
Broad monetary policy changes are unlikely ahead.
Biden likely will enjoy the same low interest rate environment that the last two holders of the office have held.
end quotes
And let us stop right there for the moment with that statement from January 20, 2021 that Joe Biden likely would enjoy the same low interest rate environment that the last two holders of the office have held, because there is the fatal flaw in Joe Biden’s INSANE GREEN DREAM that has come back around to bite we, the American people right in the ***, because thanks to the inflation caused by Joe’s INSANE GREEN DREAM, it is no longer a low interest rate environment and that, people, spells danger down the road for us, so stay tuned for more on that very subject, courtesy of the Cape Charles Mirror!
http://www.capecharlesmirror.com/op-ed- ... ent-800870
Re: ON JOE BIDEN'S RIGGED "GREEN" GAME
THE CAPE CHARLES MIRROR MAY 20, 2023 AT 10:15 PM
Paul R. Plante says:
And while we are on this subject of Joe Biden colluding (cooperate in a secret or unlawful way in order to deceive or gain an advantage over others) with fed chair Jerome Powell to monetize the MASSIVE DEBT represented by Joe Biden’s RIGGED GREEN GAME, which is corporate welfare on steroids, let us go back for a moment to the CNBC article titled “The Fed under Biden: New mandates, a close White House tie and big challenges ahead” by Jeff Cox on January 20, 2021, six months before Joe Biden in his “Remarks by President Biden on the Economy” on July 19, 2021 stated “As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent, but whatever different views some might have on current price increases, we should be united on one thing: passage of the Bipartisan Infrastructure Framework, which we shook hands on, we shook hands on it,” where we have as follows, to wit:
For his part, Biden won’t be nearly as vocal as Donald Trump was when the ex-president hectored the Fed for even lower rates.
But all presidents watch the Fed closely, and Biden won’t be an exception as he looks to get through the current crisis.
Most everyone in public office likes low rates, and Biden won’t be an exception.
end quotes
Except as stated above, this is no longer a low-rate environment, and it isn’t a low-rate environment any longer precisely because of the federal reserve being forced to raise interest rates in order to try to stem the inflation caused by Joe’s MASSIVE SPENDING, which takes us to December 1, 2021, five months after Joe Biden’s “Remarks by President Biden on the Economy” on July 19, 2021, and OVERSIGHT OF THE TREASURY DEPARTMENT’S AND FEDERAL RESERVE’S PANDEMIC RESPONSE – HYBRID HEARING BEFORE THE COMMITTEE ON FINANCIAL SERVICES – U.S. HOUSE OF REPRESENTATIVES, where we have Congressman McHenry from North Carolina speaking on the record with regard to the inflation caused by Joe Biden’s MASSIVE SPENDING that has caused interest rates to rise, to wit:
Mr. McHenry: Thank you, Madam Chairwoman, and Chair Powell,
congratulations on your renomination.
It is the Fed’s job to look at and evaluate the macroeconomic picture.
It is not their job to respond to each and every variant.
But it is not just the pandemic that is posing a threat to our full recovery.
It is Democrats’ bad fiscal policy decisions that are driving inflation.
end quotes
That was on December 1, 2021, and today 535 days later, to see where we now are with respect to that same inflation, let’s go to a CNBC article titled “Dallas Fed President Logan says current data doesn’t justify pausing rate hikes yet” by Jeff Cox on May 18, 2023, where we have as follows:
Dallas Federal Reserve President Lorie Logan said Thursday that the economic data points so far don’t justify skipping a rate increase at the central bank’s next meeting in June.
While noting some progress in bringing down inflation and cooling the labor market, Logan said the Fed still has work to do in achieving its goal for price stability.
“We haven’t yet made the progress we need to make.”
“And it’s a long way from here to 2% inflation,” Logan said, referring to the Fed’s longer-run goal.
She noted that the Fed’s preferred inflation data point, the core personal consumption expenditures price index, ran at a 4.9% annualized pace in the first quarter.
That was higher than the 4.4% pace in the fourth quarter of 2022.
end quotes
And that, of course, is the inflation that Joe Biden told us in a CNN article titled “Biden takes on inflation concerns as domestic agenda hangs in the balance: ‘These disruptions are temporary'” by Phil Mattingly and Kate Sullivan on July 19, 2021 was “transitory,” as follows:
(CNN)President Joe Biden on Monday directly addressed concerns that his sweeping economic agenda will serve as an accelerant to inflation amid growing concern about price hikes across the economic spectrum.
“We also know that as our economy has come roaring back, we’ve seen some price increases.”
“Some folks have raised worries that could be a sign of persistent inflation.”
“But that’s not our view,” Biden said, speaking from the White House.
But Biden also used the occasion to attempt to disarm a line of attack that has resonated in recent weeks as inflation has hit its highest point in 12 years and the US economy continues its emergence from what was essentially a total freeze as the pandemic swept the country.
It comes as economists in both parties have signaled the data is serving as a flashing warning sign about inflation, and as a Marist poll last month for NPR and the PBS NewsHour showed that inflation has surpassed wages and unemployment as the public’s top concern about the US economy.
The White House economic team has been closely monitoring the numbers and officials say it still firmly believes the data is both transitory and more a result of the uneven emergence of the economy from a once in generation supply-side shock — one that has created a series of bottlenecks in the supply chain and supply and demand mismatches that continue to linger.
“The overwhelming consensus is it’s going to pop up a little bit and then go back down,” Biden said last month.
end quotes
And with that said, let’s take a pause!'
http://www.capecharlesmirror.com/op-ed- ... ent-801916
Paul R. Plante says:
And while we are on this subject of Joe Biden colluding (cooperate in a secret or unlawful way in order to deceive or gain an advantage over others) with fed chair Jerome Powell to monetize the MASSIVE DEBT represented by Joe Biden’s RIGGED GREEN GAME, which is corporate welfare on steroids, let us go back for a moment to the CNBC article titled “The Fed under Biden: New mandates, a close White House tie and big challenges ahead” by Jeff Cox on January 20, 2021, six months before Joe Biden in his “Remarks by President Biden on the Economy” on July 19, 2021 stated “As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent, but whatever different views some might have on current price increases, we should be united on one thing: passage of the Bipartisan Infrastructure Framework, which we shook hands on, we shook hands on it,” where we have as follows, to wit:
For his part, Biden won’t be nearly as vocal as Donald Trump was when the ex-president hectored the Fed for even lower rates.
But all presidents watch the Fed closely, and Biden won’t be an exception as he looks to get through the current crisis.
Most everyone in public office likes low rates, and Biden won’t be an exception.
end quotes
Except as stated above, this is no longer a low-rate environment, and it isn’t a low-rate environment any longer precisely because of the federal reserve being forced to raise interest rates in order to try to stem the inflation caused by Joe’s MASSIVE SPENDING, which takes us to December 1, 2021, five months after Joe Biden’s “Remarks by President Biden on the Economy” on July 19, 2021, and OVERSIGHT OF THE TREASURY DEPARTMENT’S AND FEDERAL RESERVE’S PANDEMIC RESPONSE – HYBRID HEARING BEFORE THE COMMITTEE ON FINANCIAL SERVICES – U.S. HOUSE OF REPRESENTATIVES, where we have Congressman McHenry from North Carolina speaking on the record with regard to the inflation caused by Joe Biden’s MASSIVE SPENDING that has caused interest rates to rise, to wit:
Mr. McHenry: Thank you, Madam Chairwoman, and Chair Powell,
congratulations on your renomination.
It is the Fed’s job to look at and evaluate the macroeconomic picture.
It is not their job to respond to each and every variant.
But it is not just the pandemic that is posing a threat to our full recovery.
It is Democrats’ bad fiscal policy decisions that are driving inflation.
end quotes
That was on December 1, 2021, and today 535 days later, to see where we now are with respect to that same inflation, let’s go to a CNBC article titled “Dallas Fed President Logan says current data doesn’t justify pausing rate hikes yet” by Jeff Cox on May 18, 2023, where we have as follows:
Dallas Federal Reserve President Lorie Logan said Thursday that the economic data points so far don’t justify skipping a rate increase at the central bank’s next meeting in June.
While noting some progress in bringing down inflation and cooling the labor market, Logan said the Fed still has work to do in achieving its goal for price stability.
“We haven’t yet made the progress we need to make.”
“And it’s a long way from here to 2% inflation,” Logan said, referring to the Fed’s longer-run goal.
She noted that the Fed’s preferred inflation data point, the core personal consumption expenditures price index, ran at a 4.9% annualized pace in the first quarter.
That was higher than the 4.4% pace in the fourth quarter of 2022.
end quotes
And that, of course, is the inflation that Joe Biden told us in a CNN article titled “Biden takes on inflation concerns as domestic agenda hangs in the balance: ‘These disruptions are temporary'” by Phil Mattingly and Kate Sullivan on July 19, 2021 was “transitory,” as follows:
(CNN)President Joe Biden on Monday directly addressed concerns that his sweeping economic agenda will serve as an accelerant to inflation amid growing concern about price hikes across the economic spectrum.
“We also know that as our economy has come roaring back, we’ve seen some price increases.”
“Some folks have raised worries that could be a sign of persistent inflation.”
“But that’s not our view,” Biden said, speaking from the White House.
But Biden also used the occasion to attempt to disarm a line of attack that has resonated in recent weeks as inflation has hit its highest point in 12 years and the US economy continues its emergence from what was essentially a total freeze as the pandemic swept the country.
It comes as economists in both parties have signaled the data is serving as a flashing warning sign about inflation, and as a Marist poll last month for NPR and the PBS NewsHour showed that inflation has surpassed wages and unemployment as the public’s top concern about the US economy.
The White House economic team has been closely monitoring the numbers and officials say it still firmly believes the data is both transitory and more a result of the uneven emergence of the economy from a once in generation supply-side shock — one that has created a series of bottlenecks in the supply chain and supply and demand mismatches that continue to linger.
“The overwhelming consensus is it’s going to pop up a little bit and then go back down,” Biden said last month.
end quotes
And with that said, let’s take a pause!'
http://www.capecharlesmirror.com/op-ed- ... ent-801916
Re: ON JOE BIDEN'S RIGGED "GREEN" GAME
THE CAPE CHARLES MIRROR MAY 23, 2023 AT 10:49 PM
Paul R. Plante says:
Recapping events in here, this was American dictator and autocrat Joseph Robinette Biden, Junior on July 19, 2021 in his “Remarks by President Biden on the Economy,” where we had from Joe as follows, to wit:
I’ve said it before, and it’s true: This is a blue-collar blueprint for building an American economy back.
Let me close with this: When I arrived in office, it had been a long time since the government had worked for the people.
Things had been great for big corporations and folks at the top.
Our economy has come a long way over the last six months.
We can’t slow down now.
We can make this boom we’re experiencing today one that will ensure that all Americans have an opportunity to share in it for years to come.
And we can show the world that American democracy can deliver for the people.
I look forward to continuing to build this economy.
And I’m incredibly optimistic about what we’re going to be able to build together in the next six months and the years to come.
Thank you all for listening.
May God bless you.
end quotes
And this is economic reality today in America for those of us who are not rich and well-to-do Democrats, to wit:
MoneyWise
“US household debt just hit a record high of $17 trillion — while credit card balances are up nearly 20% compared to last year.”
Story by Serah Louis
21 MAY 2023
U.S. household debt surged to a record $17.05 trillion, with consumers owing $986 billion on their credit cards in the first quarter of 2023, the New York Fed reported May 15.
Credit card balances are also up nearly 20% from last year, according to a separate report from credit reporting company TransUnion on May 11.
“As inflation rose to near 40-year high levels, many consumers have used credit to help manage their budgets, leading to record- or near-record high balances,” Michele Raneri, vice president of U.S. research and consulting at TransUnion, said in a press release.
****************
MarketWatch
“Americans are not paying off their credit-card debt. We should be concerned.”
Story by Quentin Fottrell
21 May 2023
Credit-card balances hit $986 billion in the fourth quarter last year and remained largely unchanged in the first quarter of this year, the Federal Reserve Bank of New York said in its most recent quarterly report on household debt.
It looks increasingly likely that credit-card debt is on track to hit the $1 trillion mark this year, and experts say that this number could be an indicator of a looming economic downturn.
This has raised eyebrows among some observers, because people typically pay off their debts from the holiday season in the first quarter of the year.
That did not happen this year.
“Although inflation is slowing and wages are starting to rise, inflation is still squeezing people’s budgets,” said Mary Eschelbach Hansen, a professor of economics at the American University in Washington, D.C., and author of “Bankrupt in America: A History of Debtors, Their Creditors, and the Law in the Twentieth Century.”
“It seems likely that part of the fourth-quarter run-up in balances went towards groceries and other everyday bills rather than holiday expenditures, and folks are having a harder time paying that back,” she said.
Others shared her concerns.
“I see several worrying trends here,” said Ted Rossman, senior industry analyst at Bankrate.com.
“Credit-card debt is something that’s easy to get into and hard to get out of.”
“More people carrying balances at higher rates for longer periods of time is definitely a bad combination.”
“We’re seeing more people financing day-to-day essentials on credit cards.”
Interest rates are also making it more difficult for people to pay off their cards.
“The average credit card charges a record-high 20.33%,” Rossman noted.
“We also see more people carrying balances and holding onto them for longer periods of time.”
“All of this says a lot about the K-shaped economy: Basically, the rich get richer and the poor get poorer.”
end quotes
Exactly as Joe Biden planned it, people – we are nothing more than cash cows to be milked for all we are worth.
But stay tuned because this sad story of the fleecing of the American people does not end there!
http://www.capecharlesmirror.com/op-ed- ... ent-803006
Paul R. Plante says:
Recapping events in here, this was American dictator and autocrat Joseph Robinette Biden, Junior on July 19, 2021 in his “Remarks by President Biden on the Economy,” where we had from Joe as follows, to wit:
I’ve said it before, and it’s true: This is a blue-collar blueprint for building an American economy back.
Let me close with this: When I arrived in office, it had been a long time since the government had worked for the people.
Things had been great for big corporations and folks at the top.
Our economy has come a long way over the last six months.
We can’t slow down now.
We can make this boom we’re experiencing today one that will ensure that all Americans have an opportunity to share in it for years to come.
And we can show the world that American democracy can deliver for the people.
I look forward to continuing to build this economy.
And I’m incredibly optimistic about what we’re going to be able to build together in the next six months and the years to come.
Thank you all for listening.
May God bless you.
end quotes
And this is economic reality today in America for those of us who are not rich and well-to-do Democrats, to wit:
MoneyWise
“US household debt just hit a record high of $17 trillion — while credit card balances are up nearly 20% compared to last year.”
Story by Serah Louis
21 MAY 2023
U.S. household debt surged to a record $17.05 trillion, with consumers owing $986 billion on their credit cards in the first quarter of 2023, the New York Fed reported May 15.
Credit card balances are also up nearly 20% from last year, according to a separate report from credit reporting company TransUnion on May 11.
“As inflation rose to near 40-year high levels, many consumers have used credit to help manage their budgets, leading to record- or near-record high balances,” Michele Raneri, vice president of U.S. research and consulting at TransUnion, said in a press release.
****************
MarketWatch
“Americans are not paying off their credit-card debt. We should be concerned.”
Story by Quentin Fottrell
21 May 2023
Credit-card balances hit $986 billion in the fourth quarter last year and remained largely unchanged in the first quarter of this year, the Federal Reserve Bank of New York said in its most recent quarterly report on household debt.
It looks increasingly likely that credit-card debt is on track to hit the $1 trillion mark this year, and experts say that this number could be an indicator of a looming economic downturn.
This has raised eyebrows among some observers, because people typically pay off their debts from the holiday season in the first quarter of the year.
That did not happen this year.
“Although inflation is slowing and wages are starting to rise, inflation is still squeezing people’s budgets,” said Mary Eschelbach Hansen, a professor of economics at the American University in Washington, D.C., and author of “Bankrupt in America: A History of Debtors, Their Creditors, and the Law in the Twentieth Century.”
“It seems likely that part of the fourth-quarter run-up in balances went towards groceries and other everyday bills rather than holiday expenditures, and folks are having a harder time paying that back,” she said.
Others shared her concerns.
“I see several worrying trends here,” said Ted Rossman, senior industry analyst at Bankrate.com.
“Credit-card debt is something that’s easy to get into and hard to get out of.”
“More people carrying balances at higher rates for longer periods of time is definitely a bad combination.”
“We’re seeing more people financing day-to-day essentials on credit cards.”
Interest rates are also making it more difficult for people to pay off their cards.
“The average credit card charges a record-high 20.33%,” Rossman noted.
“We also see more people carrying balances and holding onto them for longer periods of time.”
“All of this says a lot about the K-shaped economy: Basically, the rich get richer and the poor get poorer.”
end quotes
Exactly as Joe Biden planned it, people – we are nothing more than cash cows to be milked for all we are worth.
But stay tuned because this sad story of the fleecing of the American people does not end there!
http://www.capecharlesmirror.com/op-ed- ... ent-803006