Credit Card Charge-Offs Hit The Highest Level In Nearly 7 Years And Credit Card Delinquencies Hit The Highest Level In Almost 8 Years

When people are having a harder time paying their bills, that is a signal that the economy is slowing down.  This is something that we witnessed back in 2008, and it is something that is happening once again right now.  Credit card charge-offs at major U.S. banks haven’t been this high since the U.S. economy was pulling out of the last recession, and the same thing is true regarding credit card delinquencies.  So even though the mainstream media keeps telling us over and over that the U.S. economy is “booming”, the cold, hard numbers are telling us something completely different.  This is a point that I made yesterday in my article about how homelessness is absolutely exploding in New York City, and it is a point I will undoubtedly have to make many more times as long as the mainstream media feeds us this fictional narrative about a “booming economy”.  Look, the truth is that you can’t say that we have a booming economy until we have a year when the U.S. economy grows by at least 3 percent, and at this point we haven’t had that since the middle of the Bush administration. (Read More...)

The True Size Of The U.S. National Debt, Including Unfunded Liabilities, Is 222 Trillion Dollars

The United States is on a path to financial ruin, and everyone can see what is happening, but nobody can seem to come up with a way to stop it.  According to the U.S. Treasury, the federal government is currently 22 trillion dollars in debt, and that represents the single largest debt in the history of the planet.  Over the past decade, we have been adding to that debt at a rate of about 1.1 trillion dollars a year, and we will add more than a trillion dollars to that total once again this year.  But when you add in our unfunded liabilities, our long-term financial outlook as a nation looks downright apocalyptic.  According to Boston University economics professor Laurence Kotlikoff, the U.S. is currently facing 200 trillion dollars in unfunded liabilities, and when you add that number to our 22 trillion dollar debt, you get a grand total of 222 trillion dollars. (Read More...)

Deadbeat Nation: 37 Million Credit Card Accounts In The U.S. Are “Seriously Delinquent” Right Now

Is the consumer debt bubble finally starting to burst?  If the latest numbers on delinquent credit card accounts are any indication, that appears to be precisely what is happening.  As I noted the other day, Americans currently have 480 million credit cards, and they are carrying 870 billion dollars worth of balances on those cards.  That is one giant pile of debt, but there won’t be a problem as long as the vast majority of Americans regularly make their credit card payments.  Unfortunately, the number of credit card accounts that are delinquent has been steadily rising, and now we are being told that the number of “seriously delinquent” accounts has shot up to 37 million(Read More...)

Trump Is Right: The Federal Reserve Is Crazy And Here Are 101 Reasons Why It Should Be Shut Down

Donald Trump just made one of the most brilliant moves of his entire presidency.  By accusing the Federal Reserve of “going loco”, he is placing the blame for the coming stock market crash and horrifying economic downturn squarely where it belongs, and he is firing up millions of true conservatives among his base at the same time.  For many, many years, a lot of us have been trying to educate the American people about the deeply insidious Federal Reserve system.  As Ron Paul once so astutely observed, it is actually about as “federal” as Federal Express is.  The Federal Reserve is an unelected cabal of central bankers that is running our economy into the ground, and the only way we are going to fix our long-term economic and financial problems is if we abolish it.  So for those of us that understand these things, it is extremely exciting to hear President Trump use language such as this(Read More...)

The Gap Between The Rich And The Poor In The United States Hasn’t Been This Large Since The 1920s

The rich have been getting richer and the poor have been getting poorer for so long in America that it seems like it has always been this way. But it hasn’t. In fact, between the late 1920s and the early 1970s the gap between the wealthy and the poor actually steadily got smaller. And when I was growing up in the 1980s, it seemed like everyone was middle class, but now those days are long gone. A very small sliver of society at the very top of the food chain truly is “living the high life”, while most of the rest of us are deeply struggling. According to a brand new study just released by the Economic Policy Institute, the average American family in the top 1 percent brought home 26.3 times as much income in 2015 as an average family in the bottom 99 percent. The following comes from CNBC(Read More...)

15 Flashpoints Which Could Produce A “Perfect Storm” During The 2nd Half Of 2018

Events are beginning to greatly accelerate, and many believe that the ingredients for a “perfect storm” are starting to come together as we enter the second half of 2018. Other than the continual drama surrounding the Trump presidency, things have been quite calm for the past couple of years. We have been enjoying a time of peace, safety and relative economic prosperity that a lot of Americans have begun to take for granted. But great trouble has been brewing under the surface, and many are wondering if we are about to reach a major turning point. Our planet is being shaken physically, emotionally and financially, and it isn’t going to take much to push us over the edge. The following are 15 flashpoints which could create world changing events during the 2nd half of 2018… (Read More...)

Debt Insanity: Does Anyone In Washington Even Care That We Are 20 Trillion Dollars In Debt?

There has been a tremendous amount of talk about the spending deal that was just reached in Congress. Most of the focus has been on who “won” and who “lost” politically, and if you have been keeping up with my articles you definitely know my opinion on the matter. But what nobody is really talking about is that this deal actually increases spending at a time when our debt has been absolutely exploding. We added more than a trillion dollars a year to the U.S. national debt during Obama’s eight years in the White House, and our debt binge actually accelerated toward the end of his second term. In fact, the national debt increased by more than 1.4 trillion dollars during fiscal 2016(Read More...)

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