Biden now Surpasses Jimmy Carter as worst President ever in terms of handling Economy

[StevieRay]

BIDENOMICS:


16.6% increase in everyday costs



3% decrease in real wages



Families paying $10,000 more for the same goods with a higher cost of living



Year-over-year inflation still higher than at any point since December 2011



25 million Americans behind on their credit cards, auto loans, and personal loans — a number not seen since 2009



Credit card balances at an all-time high



Middle-class households down $33,000 in real wealth, on average, over the last year

 

[rolltide]

and if we weren't facing enough crises there's a disaster heading toward us in the national trucking industry. with inventories at record highs there's less to transport and with all the new fleets that came in to hit that sweet post-covid surge tender reject rates are at an all-time low. That means nobody is turning down any load no matter the cost with some even accepting loads as low as $1.16-$1.20/mile which is half or even 1/3 what they've been used to. Now toss in the coming oil squeeze which will shoot up diesel prices and you've got a "Great Purge" coming to the trucking sector.

The freight market downturn is a year old. When will the market turn around?

It has been a year since I wrote “Why I believe a freight recession is imminent.”

www.freightwaves.com

told ya

 

[rolltide]

just a reminder that our INTEREST payments on the debt are $1T/year, we've added another $1T to the debt since the debt ceiling was signed, and that same "deal" assured that the govt may add unlimited debt until Feb 1 2025. But Janet's puzzled....the only truly confusing part is how any agency rates us at AA and not a C or D or F

Treasury Secretary Janet Yellen on historic U.S. credit rating downgrade: “Fitch’s decision is puzzling in light of the economic strength we see in the United States. I strongly disagree with Fitch’s decision, and I believe it is entirely unwarranted.”

 

[rolltide]

$5.5 Trillion Savings Meltdown – US Economy Skating on Thin Ice​

As such, a report from a group called Oxford Economics predicts some worrying news. They think that people in the US might spend more than $100 billion less every year once they start paying back their student loans. This raises the chance of a recession happening. In essence, the money people saved has gone down a lot as personal savings in the US have shrunk by a huge $5.5 trillion since April 2020. A big reason for this is the rising cost of everything, known as inflation.

 

[rolltide]

Americans now >$1Trillion in CC debt (with historically high interest rates), just blew through $5.5T in savings (in 2 yr), are facing student loan repayments resuming in 50 days, have record-high car loans, cost of goods not dropping with easing inflation, and are seeing their home values dropping by 5%/quarter.

just a reminder that consumer spending makes up 70% of the US GDP....

As credit card debt tops $1 trillion for the first time, 'a huge test' for cardholders is coming​

Total credit card debt rose nearly 5%, or roughly $45 billion, in the second quarter to a new high of $1.03 trillion, according to a new report on household debt from the Federal Reserve Bank of New York. Not only are balances higher, but more cardholders are also carrying debt from month to month, according to a separate Bankrate report, adding to the financial strain. On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is also more than 20% on average, another all-time high.

• Total credit card debt reached $1.03 trillion in the second quarter of 2023, according to the Federal Reserve Bank of New York.
• Credit card balances have now notched seven consecutive quarters of year over year growth, jumping by $45 billion at the end of June, the New York Fed researchers found.
• "The resumption of student loan payments will be a huge test for many cardholders"

 

[rolltide]

Michael Burry, of ‘Big Short’ fame, just bet $1.6 billion on a stock market crash​

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, has bet more than $1.6 billion on a Wall Street crash.

Burry is making his bearish bets against the S&P 500 and Nasdaq 100, according to Security Exchange Commission filings released Monday. Burry’s fund, Scion Asset Management, bought $866 million in put options (that’s the right to sell an asset at a particular price) against a fund that tracks the S&P 500 and $739 million in put options against a fund that tracks the Nasdaq 100.

Burry is using more than 90% of his portfolio to bet on a market downturn. While one big payoff doesn’t guarantee future returns, Burry does have a strong investment record. Traders following the investments disclosed by Scion’s over the last 3 years (between May of 2020 and May 2023) would have made annualized returns of 56%

 

[StevieRay]

 

[StevieRay]

 

[rolltide]

UBS: # of Russian millionaires rose by about 56,000 to 408,000 in 2022

UBS: Russia added $600 billion of total wealth last year US lost more wealth than any other country last year, shedding $5.9 trillion

 

[rolltide]

just days after SenileJoe got fact-checked on his claim of shaving $1.7T off the deficit (aka: he lied, he doubled it) they now refuse to take questions on the subject. Remember facts don't matter to a Marxist, only perception and feelings

White House refuses to explain why deficit is doubling: ‘Talk to an economist’​

WASHINGTON — White House Press Secretary Karine Jean-Pierre couldn’t explain away the latest dismal deficit figures, saying dismissively, “Talk to an economist.”

The Biden rep brushed off statistics indicating the federal deficit is on track to double this year, blaming the tenuous situation on “volatile” factors — but then refusing to be more specific.

Question: What is the reason it’s going up? Why is the deficit doubling?
Jean-Pierre responded, “i just said — it can be very volatile. Talk to an economist, and they can tell you specifically.”

 

[rolltide]

But, but Taylor Swift is selling out concerts...

"Family incomes dropped by about $2,000 last year on average, the U.S. Census Bureau estimated on Tuesday"

Poverty rose by about 4.6 percent last year, the Census also estimated. It more than doubled among children"

 

[roadreeler57]

They keep saying the US is “the richest country in the world” it’s more like poorest….we probably owe more debt than all the other countries in the world combined…If that doesn’t in fact make us the poorest country in the world than I don’t know what does….When is whoever is lending us money going to shut off the credit card?….When are they going to quit printing more money & just face reality & quit kicking the can down the road?

 

[rolltide]

Paul Krugman won a Nobel for Economics. Yesterday he tweeted out that if you don't include food, energy, shelter, and transportation then inflation does not exist. Yes, reread that... if you take out every expense your family needs to exist then inflation magically disappears

of course never forget that Nobel Awards are named after Alfred Nobel, "The Merchant of Death", who only created these silly awards to divert people's attention away from the fact he invented dynamite and manufactured cannons leading to the death of millions of soldiers. We now can associate his name with morons like Paul Krugman

Krugman - "An inflation update: in the past I've focused on a measure that excludes shelter and used cars as well as food and energy. Just to note that it adds to the evidence that inflation has been largely defeated"

 

[StevieRay]

 

[StevieRay]

 

[rolltide]

60+ day late car loan payments hit record
​

Millions of Americans are having trouble paying their car loans, in a potential sign of trouble for consumer spending. The percentage of loans that are at least 60 days late rose to 6.11% in September, the highest on record, according to Fitch Ratings. Driving the problem: higher borrowing costs, more expensive cars and the resumption of student loan payments. Borrowers struggling to keep up also face the risk of having their cars repossessed. Average monthly payments for new and used vehicles are $770 and $592, respectively, according to Cox Automotive.

 

[StevieRay]

 

[StevieRay]

 

[roadreeler57]

RELATED: Wholesale Inflation Surges in September, Exceeding Expectations: Another Rate Hike Ahead?

Many feel that fast food is becoming so expensive that it’s no longer a good deal.

This sentiment found voice in a viral Reddit thread asking, “What is no longer worth it because of how expensive it has become?”

The top response was clear-cut: “most fast food.”

Adding to this, the McDonald’s mobile app in New York City seems to echo the consumer sentiment.

Despite advertising a “$1 $2 $3” menu, there are no items priced at $1 or $2.

The cheapest option—a small order of fries—costs $2.49.

However, the app does offer a deal: free fries every Friday through the end of December.

RELATED: Fast Food Workers Demanding $20 an Hour Just Got Bad News, New Robot Can Cook 8 Burgers a Minute

RELATED: Experts Reveal 25 Ways to Save Big at The Grocery Store During Times of High Inflation

 

[StevieRay]