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Debt Apocalypse Beckons As U.S. Consumer Bankruptcies Do Something They Haven’t Done In Almost 7 Years

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Bankrupt - Public DomainWhen debt grows much faster than GDP for an extended period of time, it is inevitable that a good portion of that debt will start to go bad at some point.  We witnessed a perfect example of this in 2008, and now it is starting to happen again.  Commercial bankruptcies have been rising on a year-over-year basis since late 2015, and this is something that I have written about previously, but now consumer bankruptcies are also increasing.  In fact, we have just witnessed U.S. consumer bankruptcies do something that they haven’t done in nearly 7 years.  The following comes from Wolf Richter

US bankruptcy filings by consumers rose 5.4% in January, compared to January last year, to 52,421 according to the American Bankruptcy Institute. In December, they’d already risen 4.5% from a year earlier. This was the first time that consumer bankruptcies increased back-to-back since 2010.

However, business bankruptcies began to surge in November 2015 and continued surging on a year-over-year basis in 2016, to reach a full-year total of 37,823 filings, up 26% from the prior year and the highest since 2014.

Of course consumer bankruptcies are still much lower than they were during the last financial crisis, but what this could mean is that we have reached a turning point.

For years, the Federal Reserve has been encouraging reckless borrowing and spending by pushing interest rates to ultra-low levels.  Unfortunately, this created an absolutely enormous debt bubble, and now that debt bubble is beginning to burst.  Here is more from Wolf Richter

The dizzying borrowing by consumers and businesses that the Fed with its ultra-low interest rates and in its infinite wisdom has purposefully encouraged to fuel economic growth, if any, and to inflate asset prices, has caused debt to pile up. That debt is now eating up cash flows needed for other things, and this is causing pressures, just when interest rates have begun to rise, which will make refinancing this debt more expensive and, for a rising number of consumers and businesses, impossible. And so, the legacy of this binge will haunt the economy – and creditors – for years to come.

Despite all of the economic optimism that is out there right now, the truth is that U.S. consumers are tapped out.

If the U.S. economy truly was doing great, major retailers would not be closing hundreds of stores.  Sears, Macy’s and a whole host of other big retailers are closing stores because those stores are losing money.  It truly is a “retail apocalypse“, and this trend is not going to turn around until U.S. consumers start to become healthier financially.

We also see signs of trouble in the auto sales numbers.  Compared to 2016, sales were way down in January this year

Compared to January last year, car sales collapsed for all three US automakers, and the largest Japanese automakers didn’t do much better:

  • GM -21.1%
  • Ford -17.5%
  • Fiat Chrysler -35.8%
  • Toyota -19.9%
  • Honda -10.7%
  • Nissan -9.0%

For all automakers combined, car sales sagged 12.2% from a year ago.

A lot of attention is given to our 20 trillion dollar national debt, and rightly so, but a similar amount of attention should be paid to the fact that U.S. households are collectively more than 12 trillion dollars in debt.

About two-thirds of the nation is essentially living paycheck to paycheck.  Most families really struggle to pay the bills from month to month, and all it would take is a major event such as a job loss or a significant illness to plunge them into financial oblivion.

In America today we are told that the secret to success is a college education, but most young Americans have to go deep into debt to afford such an education.

As a result, most college graduates start out life in the “real world” with a mountain of debt.  And since many of them never find the “good jobs” that they were promised, repayment of that debt becomes a very big issue.  In fact, the Wall Street Journal has discovered that student loan repayment rates are much worse than we were being told…

Last Friday, the Education Department released a memo saying that it had overstated student loan repayment rates at most colleges and trade schools and provided updated numbers.

When The Wall Street Journal analyzed the new numbers, the data revealed that the Department previously had inflated the repayment rates for 99.8% of all colleges and trade schools in the country.

The new analysis shows that at more than 1,000 colleges and trade schools, or about a quarter of the total, at least half the students had defaulted or failed to pay down at least $1 on their debt within seven years.

If you do find yourself deep in debt, a lot of families have found success by following a plan that was pioneered by author Dave Ramsey.  His “Debt Snowball Plan” really works, but you have to be committed to it.

Getting out of debt can be tremendously freeing.  So many people spend so many sleepless nights consumed by financial stress, but it doesn’t have to be that way.

Most of us have had to go into debt for some reason or another, and not all debt is bad debt.  For example, very few of us would be able to own a home without getting a mortgage, and usually mortgages come with very low interest rates these days.

But other forms of debt (such as credit card debt or payday loans) can be financially crippling.  When it comes to eliminating debt, it is often a really good idea to start with the most toxic forms of debt first.

It has been said that the borrower is the servant of the lender, and you don’t want to spend the best years of your life making somebody else rich.

Whether economic conditions turn out to be good or bad in 2017, the truth is that each one of us should be trying to do what we can to get out of debt.

Unfortunately, a lot of people never seem to learn from the past, and I have a feeling that both consumer and commercial bankruptcies will continue to rise throughout the rest of this year.

 
  • Dean Nelson

    Superbowl Sunday. Nothing more important. We can’t be bothered with dealing with the end of the world as we know it.

    • aldownunder

      Yes I thought Micheal would be too busy watching the Superbowl to do an article today.

    • Candice Witzkoske

      Someone’s priorities are somewhat skewed..

  • aldownunder

    Being debt free is an awesome feeling.
    But getting there requires being very focused and determined.

    • Dean Nelson

      I was very focused and determined when I went into debt.

    • Jack Frost

      It truly is, even when you stumble into that state inadvertently by virtue of a dream job for seven years coupled with an unanticipated inheritance. We own everything we have free and clear. Being retired is so much easier without the worries for certain.

      • EDDIE GILCHRIST

        I am debt free by virtue of a nightmare job at which I worked like a madman for 15 years (I started my own business) and fiscal restraint that made my wife whine about not “being like everyone else.” No inheritance.

  • John Higson

    Debt free, and don’t see myself ever getting into debt, save and pay cash or do without. Impractical with a mortgage I know, but I couldn’t face being some vampire banker’s debt slave for the best years of my life. I’m not reliable enough to even think about paying it off anyway. Debt is for the gullible and the weak and the brainwashed-by-media drones who need to have a lifestyle they can’t afford.

    It’s also bad, bad, bad for the biosphere consuming stuff now that should be left in the ground and oceans and not put into the atmosphere so that our descendents can have a reasonable lifestyle. It’s consumption pulled from the future into the present that is allowed by debt. It’s a finite world and there is nowhere else to go. NOWHERE ELSE TO GO. We are more likely to get a future that resembles ‘The Road’ than ‘Star Trek’, The laws of thermodynamics says so, and there is no arguing with them, not even prayer…

  • John Higson

    I also notice he’s stopped going on about Shemitah now that the actual cycle is actually passed and NOTHING HAPPENED…

    Surprising that…

    • Moedim

      Something DID HAPPEN….the Israel/Palestine peace talks collapsed in April 2014 with the first blood moon of the tetrad which announced the opening of the 7th Shemitah cycle. The 2 state solution is coming to a boil in this Shemitah cycle. If you notice the Jewish year 5777 we are now in, the 118th Jubilee cycle is coming to an end in 5782 (2022). It was a time to be wary of and I think that coming down to the end of the Jubilee cycle and what is happening now, it continues to be a time of watchfulness and prayer to Hashem. I’m sure in Nineveh there were those who mocked when God’s prophesied judgment did not come because some people sought Him enough to stay His hand. If people had not raised the alarm in seeing Hashem’s historical patterns things may have been different.

      • John Higson

        Crock of crackpot bollocks, claiming that stuff that ‘allegedly’ happened thousands of years ago, according to one partial account, has any effect on us now! There is more truth in astrology! But I bet you read that too…

        • Moedim

          God works in patterns and follows a Shemitah/Jubilee/Moedim format. Israel’s becoming a nation was marked by a blood moon tetrad and taking Jerusalem was also marked by a blood moon tetrad (Pesach and Sukkot 2 years each tetrad). The 2014-15 tetrad opened the 7th Shemitah set (118th) if you go by the Jewish year. Nothing about astrology….just looking at historical patterns, biblical prophecy, and the state of current events. God gives signs for those who know His calendar and are watching His people Israel. When Israel returns to Torah then they can merit the redemption and begin their job of teaching Torah to the nations.

          • John Higson

            Why would god work in patterns? He can do anything he likes! He’s god FFS!

            And why don’t we see him revealing himself as he seemed to do every 5 mins in the old testicle? Surely if he works to a pattern we’d be seeing a lot more of him? But no, it’s nonsense, no pattern, no revelation and certainly NO dog!

          • Moedim

            Hashem can work in any way and time He pleases, but often works in patterns for our benefit for us to recognize that He is working in our midst although we don’t always perceive Him. The 1st and 2nd Temples were destroyed on the 9th of Av, etc. Israel and the nations have not merited God to intercede and the messiah to be revealed. We all have to create a vessel that is ready and yearning for Hashem and the messianic redemption. When that happens, then the world will see that the righteous of Israel have been right all along and Christianity is nothing but a fraud. God wants to be involved but we don’t want Him. He’ll largely leave us to our own stupidity until we realize what we have become and want His blessings and help.

          • John Higson

            So YOUR dog is capricious? His love ISN’T boundless and given unconditionally? He feels spurned and in turn exhibits an emotional, HUMAN response? Not sounding very godlike to me or anybody else with half a dozen braincells to rub together!

            Sorry ALL religion is nonsense, some just has a little more credibility because it’s recorded nonsense is a bit more uncertain and a bit older. Grow up, you still have time, find something actually worth giving your life to because whatever flavour of nonsense it is that you follow(I’m betting it’s Judaism from this bollocks…) ain’t cutting the mustard…

          • John Higson

            And, btw, if he works in patterns that even hint at his existence, isn’t that evidence/proof of his existence? Doesn’t that undermine the ultimate virtue, FAITH? You’re not helping your argument here, you realise?

    • JC Teecher

      There was quite a lot happened, behind the scenes and also right before everyone’s eyes; that watched the News, during that period.

      One of the big things, was that the Pope signed on to the New World Order via the UN signing of commitments and such.
      Many things transpired in the spiritual realm during that time as well. Some bad, some very bad, and some good.

      The change from the fast tracking of the NEW World Order, via collapse of the USA Middle Class, and the liberals locking in their continued reign, via immigration and deception and pc madness; to the miracle of cutting off the tails of the establishment/NWO/globalization with a man called Trump, was another of the “big” things that happened.

      The list goes on, but too many people just generalized the expectations through tunnel vision of a total economic collapse within a few weeks time period.

      The collapse is here and very much still alive because, as a nation we are physically and morally bankrupt.
      The facts and figures don’t lie, but because of manipulations in the markets, the spiritual establishment, and the new Trump administration has put everything on life support.

      In a few years, maybe even eight, if the Lord tarries and Christians make a stand for truth, we get a “grace” period, or a reprieve if you want to call it that.
      But; after that, the plug will be pulled and the collapse and the judgments will prevail and rule the day as the religious movement begins to control all lives.
      No; it isn’t a good religious movement worldwide, as the New/One World Religious System begins to become the main concern for Peace and Safety.
      It all sounds good on the surface…aka, One World, One God, One system of belief for everyone..until, the Leader/ god of that system arrives, some years later, and then it gets real. The whole world, as in the majority, falls for his lies and deception, and then…”sudden destruction”.

      So, there will be a short window for all the naysayers to spew and mock. Even some will crow about prosperity and living large, and even mock God’s laws with new vigor, but; the day of reckoning will overtake the blind, unprepared, unsaved, like a thief in the night.

  • john g

    What is needed is greater deficit spending on employment rich projects. Get money out to those who spend rather than give it to the rich who are net savers by definition.

    • socalbeachdude

      What is needed is at least $1 trillion a year CUT IN FEDERAL GOVERNMENT SPENDING without further delay as the deficit last year was $1.4 trillion and the federal debt is now at just under $20 trillion – all of which has been run up over the past 36 years from around $1 trillion in 1981.

      • john g

        I’m not really interested in discussing deficit scaremongering. US government liabilities are non-government assets.
        Until you can think the issue through as the currency issuer on one side of the balance sheet and the users on the other, you’re just going to keep getting it wrong.
        Unemployment causes poverty and unnecessary suffering and privation. It is any society’s worst blight, short of war.
        Causing it for the sake of (falsely) pursuing reduced numbers on a spreadsheet is the height of irresponsibility and stupidity.

        • socalbeachdude

          A LIABILITY is NEVER AN ASSET on the books of the company that holds it as a liability, and the US government debt of nearly $20 trillion is such an enormous liability that the US government itself is TOTALLY INSOLVENT as it has less than $4 trillion in total assets while having nearly $20 trillion in debt and only around $3 trillion a year in revenue.

          • john g

            You can’t be on both sides of the balance sheet. A currency issuer can not be insolvent in the liabilities it itself issues.

          • socalbeachdude

            Huh? You appear to be totally blurring – if not confusing – the roles of the federal government and the Federal Reserve. The US government does not issue any currency as that is done by the Federal Reserve and the liability for the currency is on the books of the Federal Reserve and not the federal government. The US government doesn’t even have a balance sheet, and the balance sheet of the Federal Reserve is separate and distinct from the US government.

          • john g

            Nonsense.

          • socalbeachdude

            Yes, your clueless assertions are just that.

          • john g

            Utter tosh. You haven’t a clue.

          • socalbeachdude

            Do you really not comprehend that the US government does not issue currency and the only issuer of currency in the United States if the Federal Reserve?

          • john g

            This is just ‘libertarian’ conspiracy theory territory now.

            Don’t tell me, the Fed is a PRIVATE BANK pwned by the ROTHSCHILDS.

            Idiot.

          • socalbeachdude

            The Federal Reserve is a quasi public-central bank created by an act of Congress called the Federal Reserve Act and owned by its around 6,200 member bank shareholders and it rebates more than 94% of its profits each year to the US Treasury which now amounts to nearly $100 billion a year in revenue for the US government and its taxpayers.

            It operates as an independent entity from the US government and is a corporation that fully reports its balance sheet in extreme detail spanning around 500 fully independently audit pages each year, but the Federal Reserve Act can be amended or abolished at any time by Congress as provided for in the last provision of that Act and what it is and does is totally regulated by that Act.

          • john g

            And that furthers your argument how exactly?

            You are contradicting yourself.

          • socalbeachdude

            Where is any “contradiction” at all?

          • Jerry C

            Just block him; and yes, he has absolutely no clue, regardless of all the facts you spoon-feed him.

          • socalbeachdude

            I would suggest you learn about the Federal Reserve and US Treasury, Jerry.

          • john g

            He seems to have some disorder.

  • K

    Add in a rising number of car repos. And you have a simple fact. People spend more than they make. Some because of medical expenses, may have had no choice. But for the most part it is a lack of control. Much like the protester. Both groups have lost contact with reality. And I suspect neither group will regain reality, until the hammer comes down. Sad, it does not have to happen this way.

  • NARENDRA MODI KING of WORLD

    Here we go again, there ain’t going to be a deflationary crash because the federal reserve will just monetize losses of companies. The job of the US dollar is to monetize losses of loss making enterprises and to destroy capital.

    • socalbeachdude

      False. The Federal Reserve does not “monetize” anything at all and the US dollar certainly does not “monetize” losses at all.

  • socalbeachdude

    The Federal Reserve has nothing to do with interest rates in the US economy and only sets 3 interest rates all of which FOLLOW the yield on 3 month US Treasuries where rates are set in the massive US Treasuries markets and are what are used to peg all other interest rates in the US economy.

    • john g

      LOLz. So what is the purpose of open market operations in your mind?

      • socalbeachdude

        TOMO and POMO (Temporary and Permanent Open Market Operations) conducted by the Federal Reserve in the US Treasuries markets are VERY SMALL TRANSACTIONS and serve to INCREASE OR DECREASE LIQUIDITY in the financial system and are done at the yields (interest rates) set by the $13 trillion a year US Treasuries markets.

        • john g

          That’s illogical. The Fed targets the rates it wishes to set. It can’t work any other way.

          • socalbeachdude

            Absolutely false. TOMO and POMO have nothing whatsoever to do with yields (interest rates) on US Treasuries and have been ongoing operations for LIQUIDITY PURPOSES since the early days of the Federal Reserve.

          • john g

            You clearly have no idea of the subject that you are commenting on.

          • socalbeachdude

            I have very substantial expertise on the Federal Reserve whereas you appear to be totally clueless regarding the Federal Reserve and its operations as well as the US Treasuries markets in which more than $7 trillion of new US Treasuries are issued each year of which the Fede4ral Reserve purchases less than 8% of those to replace those that mature among their around $2.5 trillion of the overall nearly $20 trillion of US Treasuries which are outstanding.

          • john g

            Very clearly you don’t.

          • socalbeachdude

            Obviously, I have vastly more than a clue where you are totally clueless and I would suggest you learn about the Federal Reserve and US Treasury at:

            http://www.FederalReserve.gov

            http://TreasuryDirect.gov

          • john g

            You’re so clued up that you don’t understand the concept of balance sheets in macroeconomic accounting.

            Right.

          • socalbeachdude

            It is apparently you who doesn’t understand balance sheets at all and how they operate in an economy based on your comments.

          • john g

            I’m not interested in any further ‘discussion’ with you. You clearly have some issues.

          • socalbeachdude

            Once again, I would suggest you learn about what the Federal Reserve and is and does and how the US Treasuries markets actually operate.

  • aldownunder

    Wow what a result

    • socalbeachdude

      A disastrous result that is now a CATASTROPHE.

  • Dean Nelson

    People were praying for the Patriots to win and they did. See….undeniable proof positive that prayers are answered! Other people prayed for the Falcons and they lost. Undeniable proof prayers aren’t answered.

    • JC Teecher

      What is more stupid? Praying for a particular winner of a sporting event, or claiming that prayers for a favorite team is proof that prayers aren’t answered.

      Both show an infantile mentality.

      However; there is nothing wrong with praying for a particular team, or player/sportsman, to not get injured or killed during an event.

      Auto Racing events are well known for having a pre-race prayer, and /or moment of silence. There is nothing wrong with that, and I have even said a quick prayer before a race; NHRA is my favorite of all events for attending.

      My wife gave me a birthday present several years ago, which was tickets to see my two most favorite NFL Football teams play in charlotte, nc. The Kansas City Chiefs, and the Panthers.

      After that one event, of which I left at halftime, I had my fill. I would not go again if I were given free tickets…and transportation. Crowded, uncomfortable, and way too many rude and drunk/drugged up people.

      • Dean Nelson

        “Both show an iILLOGICAL IRRATIONAL infantile mentality”

    • Jerry C

      How many coincidences would it take for you to believe it’s no longer about random chance? No more evidence is needed for a believer, but all the evidence in the world will never convince a skeptic.

      • Dean Nelson

        More than 50%. or whatever the laws of probability would dictate. It seems as if a scientific test of the effectiveness of prayer could be conducted that would settle the issue once and for all. Those few that have been attempted produced results no different than what would be expected by chance. Perhaps the experiments weren’t constructed properly to detect a spiritual influence. I’m not hostile to the idea that prayer can work, but I am hostile to all the silliness that passes for ” proof” among true believers. I really would like to see more scientific investigation of religios and para-normal claimsclaims. Thousands of years of religious dogma and hundreds of year of scientific materialism has produced nothing more than two warring camps and NO SOLD PROVABLE ANSWERS TO SUCH QUESTIONS.

  • socalbeachdude

    Donald Trump’s favorite team just won the Super Bowl!

    BRADY LEADS NEW ENGLAND TO MAGICAL WIN…

    http://boston.cbslocal.com/2017/02/05/super-bowl-live-blog-patriots-falcons-houston

    COMEBACK OF THE CENTURY!

    http://www.foxsports.com/nfl/gametrax?id=7921

    • CASTIEL

      Super bowl, soccer…etc…. what the f#ck that matters???? What is important is to take weapons against the system and the elite who destroyed the economy……but go ahead keep following the opium of the zombies…….

      • Liberty First

        Heck, it is fun if not taken to seriously though. Still, agreed on basic point.

      • LIZ THE SHIZ

        Quem quer enganar, Portugal não ganhou uma Copa do mundo Talvez para sempre NADA!!!!!

        • CASTIEL

          I dont give a sh#t if Portugal never won in soccer…….i only care for myself and what is around me…….i have respect for your ancestours that fighted like brave mens…..but your generation including you are little boys without courage to fight for your own country…….you only bark but do nothing…learn how to be a men coward!!!!

          • Guest

            Oh man we got a tough boy behind a keyboard again… Who wants to fight and die in a war they don’t believe in. I certainly don’t.

          • CASTIEL

            tough boy????Because you and others dont believe in nothing…….you can avoid war but death will get you sonner or later….

          • SnodtBlossom

            I like to think old age will get me first

          • CASTIEL

            That depends….if you have quality of life when you are old maybe…..but I dont like the idea of roting or dying in a bed……waiting for death

      • NobodyInParticular

        Good point but a little entertainment whether it be music, sports, literature or whatever is good for the soul. Even survival bloggers talk about this. But I will agree that a little goes a long way when there are other things that need taken care of whether they be preparing for economic collapse or just keeping the house maintained in good times.

    • Liberty First

      Winning!!!

    • GeoengineeringGenocide

      NFL is choreographed like WWE. After Falcons gained early lead, it was obvious that Patriots would make an epic comeback for entertainment value. So easy to see when you’re awake. Distract people from the world being destroyed. http://www.geogneineeringwatch.org

      • NobodyInParticular

        I have to say I had my suspicions watching the game. Some really bad dropped passes early and then the same guys making some incredible catches. Don’t know for sure one way or other. Could have been real. Could have been faked. I will say if it is fake, it is quite talented acting on the players part.

    • GeoengineeringGenocide
  • Centrist

    Donald Trump is the elixir for all of this. He will make America great again. Due to Trump’s business friendly tax plan, corporations will once again invest in America. This has truly been a wonderful couple of weeks for America. I am so proud Trump is my president.

    • William Lutz

      Well. I don’t think Trump can make America great again and I’m disappointed that he’s my president. We have so much turmoil and we are facing so many challenges. He promised to “drain the swamp”. Has he done so? Of course not. This orange is full of vague, empty promises. He’s a shmuck.

      • socalbeachdude

        I’m delighted you are disappointed as you are a self-proclaimed HATER AND ANARCHIST and that sort of nonsense will be punished as crimes with the excellent law and order focus of Donald Trump.

        • William Lutz

          Bwah hah ha! I still see kids waiting for the federal indoctrination center bus every morning. The EPA has not gone away; it’s just infiltrated with a fossil fuel executive. The minimum wage issue has been untouched. Sales/consumer taxes are still in place. Obamacare has not been dismantled yet. If he doesn’t hurry up I will definitely explode.

          By the way, the border wall and the incoming Middle Easterners should be the least of our worries.

        • Special Little Snowflake

          Oh so your in favor of political correctness and political prisoners. Glad to see your proving that conservatives want to be like Stalin. Perhaps you should seek mental help because your world view is laughably against freedom and democracy.

          • socalbeachdude

            What I favor is LAW AND ORDER and I would suggest that you embrace the same as opposed to favoring illegality.

    • Special Little Snowflake

      Lol no it wont, Israel just put out a bill to lower their corporate taxes even lower then what Trumps plan is, and most of the world will follow suit. Then as the rich get richer, the poor will get even poorer, because “oh those poor corporations making billions in profit might have to *gasp* pay a higher % then what you and I do”. Mabey 8 people owning 50% of the planets wealth isnt enough for you? Mabey 1 person should just have 50% of the planets wealth.

      • Jill

        The corporate tax is embedded into the price of production, acting as a regressive tax on those least able to pay.

        • socalbeachdude

          No, the corporate tax is TAKEN OUT OF THE PROFITS OF COMPANIES and is not something charged for their costs of operation at all.

          • Jill

            Do you not believe that companies factor tax and regulatory fees into the costs of production and product pricing?

  • Special Little Snowflake

    And now Trump is setting the groundwork for the next recessiondepression by getting rid of Dodd Frank or by “reviewing” it. Which of course they’ll get rid of it because of some excuse saying “oh this hurts small businessing from getting loans”

    • socalbeachdude

      The Dodd-Frank Act was nothing other than total garbage with huge bureaucratic costs and no benefits to anyone other than government and should be totally repealed and thrown in the trash can. What needs to be brought back is the 34 pages Glass-Steagall Act in its entirety along with the repeal of the Gram Leach Bliley “Financial Services Modernization Act of 1999” and the very stupid 2,000+ page Dodd-Frank Act.

      • Special Little Snowflake

        Yea Glass-Steagall does need to come back, but i doubt Trump is gonna do that. And other than mention it in the party platform, he hasn’t metioned it since. So Dodd Frank is better than nothing.

        • socalbeachdude

          No. Dodd-Frank is certainly not “better than nothing” at all.

          • Special Little Snowflake

            So let the banks do as they did before the crash? Alrighty then

          • socalbeachdude

            The reinstatement of the very simple and straightforward 34 page Glass-Steagall Act would totally solve any of those issues as to the banks and would break the financial institutions up as they were prior to its repeal into:

            1) commercial retail banks

            2) investment banks and brokerages

            3) all other financial concerns including insurance companies.

  • Liberty First

    we’re sending our kid to community college for $5,000 a year and then she can go to a good local state school. As one who spent years in academia (teaching, Ph.D., J.D.), I can tell you that NO education other than a medical one (and that is becoming iffy) is worth borrowing more than $20,000 over 4 years. And this becomes more true with each passing year.

    They should defund 90% of “higher” education. It is a septic tank.

    • Special Little Snowflake

      Defund??? No, we can easily make it free but choose not to

      • socalbeachdude

        Obviously, education has NEVER BEE FREE and the issue is always WHO PAYS THE COST and how much. Administrators and teachers have never worked for free and campuses cost huge amounts of money to run. Your concept of “easily make it free” just means you want the government to pay those vast costs and not send anyone a bill for them and that obviously can’t happen – and won’t happen.

        • Special Little Snowflake

          The 1% pay it or you could easily come up with the estimated 75B dollars from cutting the 500B plus bloated waste of the military. Once again easy to solve, but we choose not to and the world laughs at us.

          • socalbeachdude

            It is not the role or responsibility of the federal government of the US to pay a single penny for any sort of education and that is a STATE AND LOCAL MATTER for the citizens around the United States to pay for in their own localities by whatever means they deem most desirably. Most education is paid for by property taxes up through the high school level.

            Colleges and universities are typically a separate matter where states all around the US provide huge subsidies for public colleges and universities whereas private colleges and universities depend on tuitions and funding from donations.

          • Jack Frost

            The field of Gender Studies, African History and Liberal Arts are way over burdened at this point, especially with the move to automation by the food service industry. The robot already knows whether you want fries or not…

      • Jill

        What commodity in this world is ‘free’? Will you expect the labor of every university employee, from the lowly janitor to the provost, to be consigned or donated? If you are suggesting that the taxpayer should bear sole responsibility, that ‘free’ education will only get more expensive with each passing year.

        • Mike Smithy

          Oxygen is free. However, your point is still valid.

          • LIZ THE SHIZ

            don’t worry, the climate change devotees will find a way to tax it such as cap and trade

          • SnodtBlossom

            Sie wissen nicht, wovon Sie sprechen

          • Daddyotis

            Spragenzie “Madame President Hillary Clinton”?

            BWAHAHAHAHAHAHA!!!

          • CASTIEL

            Shut the f#ck up!!!!….little Kraut

        • sister soldier

          Well said.

        • aldownunder

          Why is the Janitor lowly?
          Someone needs to do this job.

          • Jill

            Lowly as in compensation when compared to other employees

          • mike

            he should be making 35000 a year that’s it, only in the taxpayer rape economy can this disgusting abuse take place. His pension will be grotesque because of his high years.

        • Special Little Snowflake

          The taxpayer doesn’t even need to fund it. Bernie Sanders plan was to put a tiny transaction free on Wall Street and that would have payed for it. But you dont even need to do that, we can cut the estimated 75B from the over 500B military budget to pay for it as well. Obviously it’s going to get more expensive each year, but we seem to have endless money to fund our bloated military blowing up stuff than actually putting towards something usefull.

          • Jill

            Who is Wall Street if not a collection of citizen traders and investors? Such a transaction fee would have to be massive and regressive.

          • Special Little Snowflake

            The transaction fees are tiny. A 0.5% for stocks, a 0.10% for bonds, and a 0.005% for dirivitives. All which would hit the wealthy the most. And like I said before, you don’t even have to do that. You could reallocate funds from the bloated military budget to cover the costs.

          • alpha_protagonist

            …or, one could reallocate funds from the military into closing the borders and finance health care for Americans. Bernie Sanders is great at asking everyone else to open their wallets to finance his grand illusions. I see you’d fit in quite well had he been elected. Keep your hand out, eventually something will drop in it…

          • socalbeachdude

            Bernie Sanders is a SOCIALIST IDIOT.

          • John Higson

            Tell that to the Germans, Japanese, Dutch and Swedes, all of whom are socialist from your POV and have a higher standard of living than the US!

            Bernie was the intelligent choice, unfortunately the DNC wasn’t intelligent…

          • socalbeachdude

            No, they do not have a higher standard of living but certainly have much higher taxes, and as to Bernie that socialist jackass was of no interest to anyone.

          • John Higson

            Au Contraire, strip out the top layer of the ultra rich from the US(top 1 or 2 percent) and ALL the countries mentioned have a much higher standard of living than the US, ON EVERY POSSIBLE MEASURE! Time for you to produce some stats to back your bovine scathology up or STFU!

          • EDDIE GILCHRIST

            Probably the stupidest fiction I see on the web. The standard of living in DENMARK (one of the highest in Europe) is roughly similar to that of Mississippi. You might try researching a bit before posting this nonsense. I have the source available if you would like it. Google is a wonderful thing.

          • John Higson

            Read what I just wrote. If you add in the spectacularly rich in the US it drags up the average ridiculously. Take them out, and every Northern European nation waxes the US! Tough for you to hear but absolutely true. Look at the median and not the average.

            And yet Denmark is the happiest country on Earth. Go figure.

          • EDDIE GILCHRIST

            You lie. Median income in USA is $55,2015. Denmark is just under $27,000, same as MS, just as I said.

            Danes are NOT the “happiest country on earth” either. Try reading something besides facebook posts for your research numbers.

          • John Higson

            Have it your way, I know where I’d rather live…

          • EDDIE GILCHRIST

            Great. I know where I had rather you live, too. Allahu Akbar, bro, and good luck.

          • socalbeachdude

            Those transaction fees add up to a HUGE AMOUNT OF MONEY when they are applied to TRILLIONS OF DOLLARS WORTH OF TRANSACTIONS. Obviously.

          • goldminer

            I am not wealthy but I plan on being so one day. But I move money around the stock market and make mulitple 5 figure investments every month. That is with the decimal point after three zeros.
            So you want to charge me 50.00 per 10K$ of trade on top of my brokerage fees, and capital gains tax? So some dumb kid can go to school and learn advanced basket weaving?
            You are nuts. I work too hard for my money to give it away.

          • socalbeachdude

            Indeed, Jill.

          • socalbeachdude

            What on earth do you think a federal transaction fee on “Wall Street” is BUT FOR A NEW FEDERAL TAX. Helllooooo?

    • Common Sense Rules

      The excessive governmental funding (loans, grants, state lotto scholarships, etc) will always drive endless inflation to higher ed. First, entrance criteria were lowered or dismissed all together and followed by the push to send everyone to college. The higher ed bubble will eventually burst.
      Perhaps what will emerge from the rubble is a consumer driven system that will reward the brightest and most capable/motivated students into earning productive degrees delivered by less expensive accredited on-line educational systems. If the consumer chooses not to pay for so-called “well rounding” course work, then they should have the option of paying for only the coursework that leads to a CAREER.

      • JC Teecher

        Yes, option is the key word.
        Federal funding should cease, after grade 12.
        That is the only fair solution. let the fair market system, and alumni contributions, determine which colleges make it, or close down.

        Education past grade 12 is not, or should not, be a guarantee, but an option and right.

    • JC Teecher

      $5k per year? I assume you are also figuring in shared apartment rent and living expenses, like car,gas, food and such.
      $5k seems awful expensive for community college tuition.

      • Liberty First

        That’s what it is for tuition and books. She’ll live it home. Gonna still need some sense to balance out what she hears from the professors. We discuss it at the dinner table. Found that eating family dinner at least every other day is priceless…best way to know what your kid is experiencing.

    • GSOB

      The greenest grass is always found above the septic tank.

      • JC Teecher

        If you got that much overage, than you are making too many deposits.

    • Rick Morrow

      They call medical school the million dollar mistake.

      • Liberty First

        With Obamacare esp.!

    • Dominick Perez

      Your kid is bring brainwashed to hate America. Great investment of your money.

    • andy

      Why do courses cost $100K plus??. In this day of the internet we could put 5 years of lectures on a memory stick and sell them for $200 each. Exams can be done online as well. Higher education is a rort of the highest order.

      • Liberty First

        Agreed, and things are moving in the direction you reference. I hold a Ph.D. and J.D., and am presently listening to advanced calc classes online for entertainment, by some private guy on Youtube. Beats ANYTHING I experienced at Ga. Tech. Not even close.

        Change is in the wind. The only way they can kill it is to kill the internet.

        Liberty finds a way. In the end….

    • Cole Bachelor

      2 ways college pays off
      1)medical degree
      2)being a elitist, fraternity scumbag–who graduates with “Gentlemen C’s” and minors in partying–who is hired on the corporate board by daddy !

  • Dean Nelson

    My friend insists the Holy Spirit told him the Patriots were going to win. I told him that if God exists I doubt he picks football teams to win. The Patriots winning is just more ” proof” to him that the Bible is absolutely true and those who doubt are wrong.

    • jox

      ha ha ha, in my country we don’t play football but soccer. Does God also choose soccer teams? I will pray for my team!

  • tacoma

    There are two solutions to America debt:
    1) Borrow more from China. I think Trump, being extremely smart, is doing that. He is using the only strategy available. First threaten, provoke, blackmail China – Taiwan, South China Sea, North Korea, whatever that pisses them off big time. Deploy 5 carrier battle groups fully armed, deploy the full might of air force all over. Get the ICBMs ready to fire on both China and Russia. Insult and make fun of them in Twitter. Just when war is imminent, offer to talk peace on one term: China buys a couple of trillion dollar of Treasury Bonds. China, of course being just a third rate ‘yellow’ power, will immediately comply and invite the Donald to Beijing.

    2) Pass tax laws to force the 1% to pay a special tax, thereby raising a couple of trillion dollars. Ask America’s billionaires to help in time of national emergency. But this is much more dangerous to America than 1).

    • john g

      Does China issue $US now?

      • socalbeachdude

        Obviously, China has never “issued US dollars” but has expanded their money supply of renminbi (RMB / yuan) from less than $3 trillion to now over $34 trillion over the past 10 years all on the BACK OF THE US DOLLAR to which the renminbi is pegged in value with very minimal float. Now China’s whole house of monopoly renminbi and all of its associated debt is coming crashing down hard with huge defaults and drops in the value of the renminbi which just exacerbates the entire situation and China is the EPICENTER of the global financial collapse that is unfolding in 2017.

        • john g

          You’re a larf a minute, Henny Penny. One wonders why you post so much on a topic that you know so little about.

          • socalbeachdude

            Thank you for describing YOURSELF so very perfectly!

        • john g

          China does not issue US$ so it can’t ‘lend’ the US government any dollars that the US government has not already spent into existence.

          Government ‘debt’ = non-government savings.

          • socalbeachdude

            The US government does not “spend dollars into existence” as you assert.

          • john g

            How else government dollars enter the system in your mind?

          • socalbeachdude

            The US government (Treasury) DOES NOT CREATE ANY US DOLLARS to spend in the economy and when it spends the $4 trillion a year that it is spending it uses 1) tax revenues and 2) borrowed funds raised from the issuance of US Treasuries to spend. That does not create any money at all – obviously – and the shortfall between tax revenues and actual spending is the DEFICIT which adds to the federal DEBT which is why the debt is now nearly $20 trillion due to the holders of US Treasuries.

          • john g

            I note that you’ve avoided answering the question. You’re a busted flush.

          • socalbeachdude

            Huh? Your question was fully answered and the way you phrased it is nonsensical as the US government DOES NOT CREATE US DOLLARS.

          • john g

            The US government is the monopoly issuer of US $.
            The question is ‘how do government dollars enter the system on your aggressive, contrary, little mind?

            You can’t and won’t answer because you don’t have a clue as to how the monetary system actually works. You’re just a spouter of religious dogma worshipping the rich and propagating their talking points.

            You’re a slave.

          • socalbeachdude

            Absolutely false. The US government does not issue US dollars at all. That is done by the Federal Reserve which is not part of the US government and is a separate an independent central bank that was created by an Act of Congress and owned by its member bank shareholders. The Federal Reserve is one of the most conservative central banks in the world and the US money supply has only increased by a small amount over the past 10 years and now stands at only a little more than $13 trillion using the M2 metric.

            I would suggest that you learn about the Federal Reserve at:

            http://www.FederalReserve.gov

          • john g

            Instead of hurling abuse and irrelevant red herrings, try answering the question, Sir Blowhard.

          • socalbeachdude

            You have no valid question and the one you posed has been more than fully answered in great detail.

    • socalbeachdude

      China is a very small lender to the US and only holds about $1.1 trillion of US Treasuries which is down about $200 billion from the maximum level they held of $1.3 trillion. China only owns about 5% of the current outstanding US Treasuries and is not likely to want to buy any more, so that certainly is no option of China lending any more funds to the US.

      As to your second suggestion of STICKING IT TO THE “RICH,” just why do you think that wealthy people should pay any more taxes to the federal government, particularly on their wealth? The top 20% of income earners already pay more than 80% of all federal income taxes and are of the opinion – with which I fully agree – that they are paying far to much taxes to the federal government.

      • tacoma

        Nobody wants to pay more tax. But the federal government cannot stop spending trillions far beyond what they dare to tax, what people want to pay, and even what the Federal Reserve no longer dare to fiat-issued. No foreign country want to buy anymore T’s, except the one or two left which are complete vassal to American domination. Doggone Mad Dog even want to blackmail Euro NATO to cough up more bucks, or he will unleash some kind of Russian invasion.

        The last two Russian invasions were done by two Ultra Mega Mad Dogs – Napoleon and Hitler. Maybe the Trump regime wants to one-up them.

        A country who cannot put its own house in order will, well, have no house. Trying burn down other people’s houses, Trump’s game plan, will only cause them to come in and burn your house faster. Trump game plan is an emerging Hitler game plan if you know history enough.

        • socalbeachdude

          Well, whether taxpayers like it or not they need to pay about $1 TRILLION MORE A YEAR in taxes to the federal government – or insist that the federal government cut spending. The Federal Reserve did not do any “fiat issued money” for the federal government and never does do that to monetize any US government debt.

          There is enormous demand for US Treasuries – which is precisely why yields (interest rates) are so low and more than $7 trillion of newly issued US Treasuries are sold each year by the US Treasury.

          Foreign holdings of US Treasuries are barely changed from what they were 3 years ago and new US Treasuries have been purchased by foreign countries to replace matured Treasuries and total foreign holdings are around $5 trillion.

          As to NATO those countries need to step up to the plate and pay more or have NATO significantly curtailed. Donald Trump is exactly correct on that issue as well as the other issues he is working on including banning immigration into the US.

    • JC Teecher

      Neither will work, because there are too many “establishment” politicians making a buck off of their “con” game. It is bigger than Trump and all his army.
      Trump will hold the establishment at bay, as they lurk like rabid wolves, for his time allotted; and then the liberals will rule the day again.
      That, you can “bank” on.

      • tacoma

        For sure.

  • K2

    Coming out of debt is good, but michael stop with this endless ‘collapse is just around the corner’ articles. You have been saying it for years. You said the same things in 2012, 2013, 2014, 2015, 2016 and now 2017.

    • socalbeachdude

      Now the economic condition of the United States and the economy of the US are in VASTLY WORST SHAPE THAN they were in prior years and the collapses will be far more than severe than ever as they continue to unravel throughout the US and global economies.

      • K2

        That doesnt mean it will happen….tomorrow. It will take years until that happens.

        • socalbeachdude

          It is happening RIGHT NOW and has been since August 2007.

          • K2

            No it isnt happening.

    • jox

      You are right in the sense that events are more complex and slow to unravel that Michael and most of us anticipated. The vast money printing hast made the crisis change its development. Instead of directly crashing, central banks have built another bubble of debt, public and private, without achieving a real recovery. 8 years since the collapse of Lehman Brothers, and we are still in the middle of the crisis. So I’d say that Michael is closer to the truth than you.

      • K2

        closer to the truth than me? Thats not a great achievement now is it. What really matters is how close is michael to accurately predicting the collapse. Is he off by a few months or a few years?

        • jox

          With many actors playing the game, each one with their own interests, the events are impossible to predict. We all including Michael have learned and have reassesed our predictions. I take predictions with a grain of salt, only as indicative. We cannot predict even singular events, such as, will the FED raise rates in the next meeting?

          Anyway, I agree with the general trend described by Michael, and also think that we are closer to the final collapse.

          • K2

            If its impossible to predict and we cant predict, then why imply the economy is collapsing every single day?

            ”and also think that we are closer to the final collapse.” Anybody can say that, what is hard to say is how close? Months? Years?

          • socalbeachdude

            It is already happening and the Grand Global Depression started in August 2007 and has been intensifying ever since.

          • K2

            no it isnt. And stop upvoting yourself….its lame.

          • socalbeachdude

            The Grand Global Depression most certainly is and has been happening since August 2007.

          • K2

            No it isnt.

  • rentslave

    I’d like to see a chart of how stores in states without a sales tax are doing.Or one of internet retailers’ customers from states without a reciprocal arrangement between states to collect the tax.

  • Carl

    College degrees are now equivalent to a high school diploma. The difference being you did not have to go into debt up to your eyeballs with student loans to get your diploma.

    College is just another example of greed rum amuck.

    When you get people to take out student loans that are NEVER bankruptable the gravy train stops for anyone and everyone. All with promises of success most will never achieve.

    Want to stop universities from taking advantage of students? Make ALL student loans dischargeable in bankruptcy and require the schools to take on a percentage of that repayment for allowing students to over borrow well past the cost of tuition each semester.

  • Carl

    Also retail stores are closing because more and more people are shopping online. While convenient for the consumer not so convenient for the overall economic well being of those who need to work. Automation and technology is making the average worker disposable. This means a lot of pain for many in the future.

    The majority in our society are expendable. So while many of the masses continue to have children they are setting them up and the subsequent children they have for a life of government dependence and hopelessness.

    There will NOT be enough low paying jobs to go around.

    Ironically this will also trickle up to the professional jobs as most will not have enough clients to keep their lifestyle in tune with the lifestyle society has taught them a doctor, lawyer, etc should have.

    Some say learn a trade and you can make good money. You can right now. But soon even they will have to lower prices from $60, $80 and hour plus to what the consumer and market will be.

    The nightmare has started for the middle class and like Dave Ramseys debt snowball will continue to roll on and on. Picking up the unlucky who are unable to reinvent themselves in this new world we are heading full steam ahead for.

    • jsmith

      Add to that massive legal and mostly illegal immigration, which means that your sons and daughters will be competing with the sons and daughters of those illegal immigrants, for those shrinking jobs. Does that make sense? I could never understand why we American’s are such short term thinkers, when in the long term, which means now, we are dealing with this problem!

    • billtheguy

      It’s hard to buy shoes over the internet. bought some Doc Martens 5 years ago. Fit Great. Bought same style, same size, today and they are 1/4 inch smaller. Width now is medium…. that’s it. My foot is size 10 and EEE width. I guess China thinks M is huge!

  • American 1st

    Fear not the debt; become a debt Jedi you must.

    Fact is, debt is a tool called leverage; use it right and you can become rich. Misuse it, and it will sink you. Knowledge is the key.

    Unfortunately, the majority of what the author is discussing is in fact bad debt–not enough Jedi out there.

  • DJohn1

    The “problem” started after World War II with the advent of a restriction on the armed forces. It meant no one could become an officer without a college education and anyone all ready an officer had to within a certain period of time become a college graduate or be demoted back to NCO status even though they earned that rank the hard way in combat.
    One man’s solution was to go to a local college and ask the guidance counselor what is the easiest college degree I can obtain?
    The degree was one in ceramics. He specialized in making clay pots. He got his degree and since the “dumber than a box of rocks” government never specified what degree you had to have he kept his officer rank.
    Then in 1960s armed forces computers, they needed an officer to have a specialty in ceramics for the new space program using transister tech.
    His name came up. He ended up a general when he retired simply because he had become educated in ceramics in his “college” education.
    My father had two sons. Myself and my younger brother. My younger brother was much smarter than I am when it came to school. So Dad sent him to college.
    Dad encouraged me to take an apprenticeship in his trade after my military service which I did.
    My brother averaged about 27,000 a year with his college education working as an assistant to a college chemistry department.
    I averaged well over 40,000 a year with my 5 year apprenticeship.
    My brother never had a union to back him up.
    I did have a union and they did negotiate some good contracts for us.
    The unions are now mostly gone. I blame the Republicans for that.
    My brother is about 9 years younger than me and he is now about 64.
    I came out of my apprenticeship debt free.
    My VA benefits put me in my first house.
    What this country needs is to revise the situation where you have to be a college graduate to get anywhere in business. Even in my trade, there is a glass ceiling that prevents knowledgeable people from becoming managers simply because they do not have four years of college.
    The fact is that college with a degree in anything with “ism” behind it will not get you anywhere except a middle management position that will likely disappear in your 40s or 50s.
    The degrees in things like engineering will likely lead to a higher salary.
    Things like plumbing apprenticeships, heating and air, electrical, carpenters, etc. might lead to a better salary. Even that is fairly iffy.
    One of the highest salaries that do not require a degree is Semi-driver cross country transporting of freight. It does require special licensing.
    The Teamster’s Union has done a lot to give those people a decent living.
    Reagan and his crew of thugs dishonestly packed the labor board in the 1980s with anti-labor people. That was the beginning of the end of the common man being able to make a decent living in this country.
    That little contribution by the Republicans stopped inflation. But it also stopped the middle class cold from making a decent living from then on.
    What will happen from here is an inflationary depression based on increasing the cost of retail goods coming from the cheap countries like India and China. Your basic commodities are going to increase up to 5 times the price they are now in the next two years under the policies of Donald Trump.

    • socalbeachdude

      Commodities will continue in the BIGGEST DEFLATIONARY SPIRAL they have ever been in as demand continues to fall and speculators get out because of huge and increasing losses.

  • LIZ THE SHIZ

    this is the dark hidden secret that the DNC and MSM have been hiding as they posted phoney employment and growth numbers to illustrate their illusion of economic success during the Obama years, these chickens will come home to roost and I don’t think Trump can do much about it with all the Goldman Sachs people that surround him

    • Jerry C

      Forgive me, but you misspelled Goldman Sucks. Carry on.

  • socalbeachdude
  • JC Teecher

    Off topic, but relevant to the water cooler talk of the day.

    “Halftime HELL: Satan speaks through Lady Gaga to declare dominion over the Earth (while Pope Francis blesses) (satire):Superbowl halftime shows are saturated with symbols of demonic rituals and Satan worship.”

    The plot thickens.

  • James

    Welcome to Trump’s America!

  • socalbeachdude

    Accounting Gimmicks Won’t Stop The U.S.A. Titanic From Sinking

    The U.S. Government has gone to great lengths in using accounting gimmicks to prop up the financial system and domestic economy. One area where this is readily apparent is the disconnect between the rising U.S. debt versus the annual budget deficits.

    From 2000-2016, the total U.S. debt increased by $13.9 trillion while the annual budget deficits equaled $9.1 trillion. Thus, we had a net difference (or shortfall) of $4.8 trillion. Basically, the total U.S. debt increased $4.8 trillion more than the annual budget deficits during that time period.

    The extremely large deviation between the deficit and debt in 2016 illustrates the complex nature of the government accounting.

    The increase in debt for that period was over $1.2 trillion while the deficit was $524 billion, a near $700 billion difference. The discrepancy between these two can be broken down as follows:

    (a) $109 billion was due to the change in the treasury cash balance, a common and well understood variable item;

    (b) $270 billion reflects various accounting gimmicks used in fiscal 2015 to limit the size of debt in order to postpone hitting the Debt Limit. Thus, debt was artificially suppressed relative to the deficit in 2015, and the $270 billion is merely a reversal of those transactions, a one-off, non-recurring event;

    (c) $93 billion was borrowed by the treasury to make student loans, and this is where it gets interesting. Student loans are considered an investment and therefore are not included in the deficit calculation.

    (d) In the same vein, $70 billion was money borrowed by the treasury to increase spending on highways and mass transit. It is not included in the deficit calculation even though the debt increases;

    (e) $75 billion was borrowed because payments to Social Security, Medicare and Affordable Care Act recipients along with the government’s civilian and military retirees were greater during this time frame than the FICA and other tax collections, a demographic development destined to get worse;

    (f) Finally, the residual $82 billion is made up of various unidentifiable expenditures including “funny money securities stuffed in various trust funds”.

    Total current U.S. debt is $19.9 trillion. This includes $14.4 trillion in public debt and $5.5 trillion in Intragovernmental Holdings.

    https://srsroccoreport.com/accounting-gimmicks-wont-stop-the-u-s-a-titanic-from-sinking/

  • socalbeachdude

    Federal Debt in FY 2016 Jumped $1.4 Trillion, or $12,036 Per Household

    In fiscal 2016, which ended on September 30, 2016, the federal debt increased $1,422,827,047,452.46, according to data released today by the U.S. Treasury.

    At the close of business on Sept. 30, 2015, the last day of fiscal 2015, the federal debt was $18,150,617,666,484.33, according to the Treasury. By the close of business on Sept. 30, 2016, the last day of fiscal 2016, it had climbed to $19,573,444,713,936.79.

    According to the Census Bureau’s latest estimate, there were 118,215,000 households in the United States as of June. That means that the one-year increase in the federal debt of $1,422,827,047,452.46 in fiscal 2016 equaled about $12,036 per household.

    The total federal debt of $19,573,444,713,936.79 now equals about $165,575 per household.

    http://www.cnsnews.com/news/article/terence-p-jeffrey/federal-debt-fy-2016-jumped-142282704745246

    • john g

      Government liabilities are non-government assets. The sky isn’t falling.
      It’s the maldistribution of those assets that is the problem. Too few have them. And you want them to have more while starving the rest.

      • socalbeachdude

        Almost $6 trillion of the US government debt issued in US Treasuries is a GOVERNMENT ASSET held by the Social Security and Medicare Trust Funds and other governmental agencies.

  • faithful

    Can’t beat a trade in these times and in general.

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