US Household Debt Reached $14 Trillion first time in History, US deficit surges 25% in fiscal 2020
That marks the biggest annual increase since before the financial
crisis, stock market crash. According to the New York Federal Reserve, which is one of the twelve banks that make up the Federal Reserve System. Total household debt balances rose by six hundred and one a billion dollars just in the last year, which now tops 14 trillion dollars for the first time ever in US history.
The last time the growth was that large was in 2007 when household debt rose by over 1 trillion dollars.
Auto loans, credit cards, and student loans increased by almost thirty percent since 2003.
Why are Americans so in debt. If the economy’s as good as we’re constantly being told it is.Then why are Americans not saving any money; why don’t average consumers have any cash on hand to buy things.
Why do they have to borrow so damn much.
The US household debt numbers are out, and they ain’t pretty for the 22nd straight quarter. In other words, for five straight years, Americans borrowing habits have gone up without fail.
The total US household debt rose by more than six hundred billion dollars from last year.
That means that for the first time ever, the American Household debt surpassed 14 trillion dollars. Household debt hovers around $15 trillion . The real economy is in disarray.
And by the way, the borrowing is across the board .
Student debt, went up from 1.46 trillion in the final quarter of last year to 1.51 trillion in the first quarter of this year.
And you know who holds a hundred billion of that debt — Americans over the age of sixty who apparently still haven’t been able to pay their college.
Auto debt has now risen for 35 consecutive quarters. Eleven straight years.
And how about credit Cards. Americans now owe more than 1.4 trillion
in credit card debt, which is up from eight hundred fifty-four billion dollars
just five years ago. By the way, credit card delinquencies just hit a two-year high as well; more than eight percent of credit cardholders aren’t even making a minimum payment.
So in all the hoopla about the greatest economy ever , that we keep hearing.
Very few are telling you just how bloated our economy actually is.
Yes, we’re consuming more as we’re constantly reminded to do just that.
But are we doing it on borrowed time and borrowed money. This is just a giant bubble that’s waiting to burst.
The US doesn’t Produce anything, except Military Goods, we’re just living off Credit and The Fiat Dollar and paying off our debt with more debt.
The 2008 bubble is effervescence compared to the current mega bubble, about to go blamo!
Next on the agenda: jailing the poor for debt, then making the work it off while charging them for jailing accommodations. Perpetual peonage.
The Government is bankrupt; The Corporations are bankrupt; many people are bankrupt and struggling. Yet according to Trump’s delusional thinking, this is the best economy ever.
Indeed if you are in the top one percent, this is the greatest economy ever, no question about it. us debt crisis
Trump gave $1.5 Trillion to the wealthy, and now he wants to pay for it by slashing Social Security and Medicare for seniors and Medicaid and Food Stamps for the poor. He’s doing to the US what he did to his companies, bankrupting them. current deficit of the United States,Household Debt,us deficit surges 25% in fiscal 2020,us deficit by president,us deficit by year graph,us deficit 2019,us deficit 2016,us deficit tracker,us deficit 2018,us national debt by year,us deficit by month,uk government debt,national debt clock,national debt by country,deficit,2020 democratic dabte,national debt definition,country deficit,us deficit clock,economy,debt
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