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Democrats and their media keep arguing that the problem with Bidenomics is perception not reality. People just don’t get how good it is and supposedly, despite total control of the organs of communication and narrative discourse, they haven’t been able to get it across.
Cue articles like this from the New York Times. “Economic Gains — Seeking re-election in 1984, Ronald Reagan presided over an economy similar in many ways to today’s. But he sold a message of progress and promise.” Except that the issue is reality, not perception.
Here’s another data point.
The average amount of total debt owed by U.S. households hit $145,319 in the third quarter of 2023.
The report estimated that American households increased their total debt by $78 billion in the third quarter.
“Consumers typically rack up the most debt during the fourth quarter of the year as we spend excessively on holiday gifts and travel, so it’s not a good sign when we enter the final few months of the year with a lot of new debt,” John Kiernan, the Managing Editor at WalletHub, said in a statement emailed to The Hill.
“Given how Q3 played out, WalletHub is now projecting that U.S. households will end the year with $350+ billion more debt than they started with,” Kiernan continued.
Credit card balances are at over $1 trillion.
Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.
Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found
Consumer spending is weakening.
Target CEO Brian Cornell weighed in Thursday on spending behavior that the retailer has observed among its customers, saying they have been “buying less stuff.”
“They’re managing that budget really carefully, and it’s certainly pressuring discretionary spending. They’re buying less stuff, even within food and beverage,” Cornell, who has led the Minnesota-based retailer since 2014, said during a CNBC interview.
The housing market is shutting down. Consumers are tired of paying prices that feel like ripoffs and they’re budgeting. The economy is doing what the Fed wanted it to do, more or less, and that has little to do with anything the Biden administration did. All it’s done is spend insane amounts of money which made inflation even worse. People are loaded with debt and pessimistic about the future. They go shopping and come away having to spend a whole lot more than they planned every time. This is not perception, it’s reality.
When people can’t afford groceries, gas or a home, it’s a reality issue. And the more the media keeps pushing the perception line, the further out of touch it gets with ordinary Americans.
I saw a dozen eggs for ten bucks today at Safeway supermarket. They were only a dollar twenty or so when Trump was President. If that.
The Alzheimer Joe administration is a plague.
It’s a dicey situation, the Democrats may crash the system.
Yes, you’re the mathematician.
You understand economics better than I do. The system CAN be broken. Fools think otherwise but every society fails eventually. Even Rome fell and it was the mightiest Empire in human history. Far mightier than America, even with our nukes. It controlled the Western (Civilized) world. The Mediterranean was referred to as “The Pond.”
China was a barbaric joke and the middle East was a hinterland.
We’re fucked. It’s only a matter of time before these left-wing Dirtbagocrats destroy us.
I’n 59 so I’ll probably live to see it. Oh, joy.
I hate to say this, but a run on the banks could destroy the system. Some of the biggest banks would be insolvent if they had to sell their assets.
The national debt as of September 30, 2023 was 33.6 trillion dollars. The federal budget deficit for the current fiscal year which started October 1, 2023 and ends September 30, 2024 is estimated to be between 1.7 and 1.8 trillion dollars. That means a national debt of more than 35.3 trillion dollars by September 30, 2024.
The question is how long can this go on? Another question is what about the derivatives held by banks at this time?
The initiatives we’ve seen are indistinguishable from sabotage.
We can unify our country by sending Joe Biden to the gallows.
People do not realize how close the financial system in America almost went under in 2008. With all the debt that the U.S. government, corporations, and families have, we will go under next time there is a severe financial crisis.