US Economy Continues to Grow

[Uncle J]

Yeah , but are prices going down ? The cumulative effect of inflation is the problem .

100 dollars in 1956 are equivalent to 1,076.6 dollars in 2022

Prices actually dropping would be deflation, which would be nice (as long as wages and productivity continue to increase), but isn't likely anytime soon. We've been experiencing inflation for at least the last 40+ years, with the only exception being during the W. Bush recession of 2008.

 

[Uncle J]

I think you are unable to reconcile the record & still rising debt currently being taken on by an increasingly squeezed middle class, with your news of economic growth and plummeting inflation.
Thus no attempt by you to do so?

You're still not making sense. Americans' credit card debt levels have been increasing since the end of the W. Bush recession of 2008, and still isn't anywhere near the amount of credit available. As you can see below, the CC debt levels have increased, but only by a marginal amount and is just about where it was during the Trump term.

 

[Consecrated Life]

You're still not making sense. Americans' credit card debt levels have been increasing since the end of the W. Bush recession of 2008, and still isn't anywhere near the amount of credit available. As you can see below, the CC debt levels have increased, but only by a marginal amount and is just about where it was during the Trump term.

That's great news.
Nothing to stop the record amount of middle class desperation debt from growing like a cancer.

You forget to mention that current rising middle class home foreclosures is also a financial benefit always available to the entire middle class .
Perfect!

Foreclosures Are Rising: Here’s What Experts Say It Means for the Housing Market​

In May of this year, ATTOM recorded a sharp uptick in foreclosure rates around the United States. Adding up notices of default, repossession by banks and auctions on the calendar, the U.S. Foreclosure Market Report found 35,196 American properties with foreclosure filings.

Forclosure is never a good sign — back in 2008 and 2009, it was a stark symbol of the Great Recession. This current data set shows a 7% increase from April, but twice that much from 2022, with 14% by comparison.

 

[Uncle J]

That's great news.
Nothing to stop the record amount of middle class desperation debt from growing like a cancer.

LOL....you say "growing like cancer", but the data shows it's increased very, very slightly.

You forget to mention that current rising middle class home foreclosures

You're getting desperate.

 

[Uncle J]

Oh, and from the article you cited....

"Should You Worry?
Not just yet, according to the experts.

“I believe foreclosure rates will continue to increase,” Conti said. “I know the clients I work with are gearing up their loss mitigation departments in preparation for what is next in our market.”

“Even though foreclosures are spiking, it’s not the big deal everyone is making it out to be. We are just reaching a more normal level of foreclosure filings,” said Brian Wittman, owner/CEO at SILT Real Estate and Investments.

“According to ATTOM, there were approximately 150,000 foreclosure filings in Q1 of 2019,” Wittman said. “There are still only roughly around 100,000 in Q1 of 2023. It is a rise year over year of approximately 10%. It still doesn’t appear to be the issue everyone thinks it will be."

IOW, the current foreclosure rate is still below what it was during the Trump administration.

 

[Consecrated Life]

LOL....you say "growing like cancer", but the data shows it's increased very, very slightly.


You're getting desperate.

Yes more and more are getting desperate & homeless,
But I'm sure your indifference to their plight makes them feel all warm and fuzzy as they lie on the sidewalk.


https://www.washingtonpost.com/business/2022/07/03/inflation-homeless-rent-housing/

Inflation is making homelessness worse - Washington Post​

Jul 3, 2022 ... Every $100 increase in median rent is associated with a 9 percent increase in the estimated homelessness rate, according to a 2020 report by the ...

1. WSJ NEWS EXCLUSIVE
   

   ---

More Americans Are Ending Up Homeless—at a Record Rate​

High housing costs and evictions push more people from homes, advocates say​

By
Jon Kamp
Follow

and
Shannon Najmabadi
Follow

Aug. 14, 2023 10:00 am ET

​

‘Dramatic increase.’ Foreclosure filings are up more than 150%. Here’s what that tells us about the housing market​

Updated: July 30, 2022 at 7:42 a.m. ET
By

Alisa Wolfson​

U.S. credit card debt reaches all time high, exceeds $1 trillion​

Aug 9, 2023 ... New Federal Reserve report shows U.S. credit card debt exceeds $1 trillion, a new all-time high. Here's what you need to know.

 

[Uncle J]

Yes more and more are getting desperate & homeless,
But I'm sure your indifference to their plight makes them feel all warm and fuzzy as they lie on the sidewalk.


https://www.washingtonpost.com/business/2022/07/03/inflation-homeless-rent-housing/

Inflation is making homelessness worse - Washington Post​

Jul 3, 2022 ... Every $100 increase in median rent is associated with a 9 percent increase in the estimated homelessness rate, according to a 2020 report by the ...

1. WSJ NEWS EXCLUSIVE
   

   ---

More Americans Are Ending Up Homeless—at a Record Rate​

High housing costs and evictions push more people from homes, advocates say​

By
Jon Kamp
Follow

and
Shannon Najmabadi
Follow

Aug. 14, 2023 10:00 am ET

​

‘Dramatic increase.’ Foreclosure filings are up more than 150%. Here’s what that tells us about the housing market​

Updated: July 30, 2022 at 7:42 a.m. ET
By

Alisa Wolfson​

U.S. credit card debt reaches all time high, exceeds $1 trillion​

Aug 9, 2023 ... New Federal Reserve report shows U.S. credit card debt exceeds $1 trillion, a new all-time high. Here's what you need to know.

It's pretty obvious now that this is your go-to MO....don't address anything in the post you're replying to and just repeat yourself ad nauseum.

Of course inflation increases homelessness, which is why it's a good thing that US inflation continues to decline and is much lower than most other developed countries.

We've been over all the other stuff you keep posting/ignoring replies to, so unless you have something new in your Gish Gallop, I'm not going to bother any more.

 

[Consecrated Life]

It's pretty obvious now that this is your go-to MO....don't address anything in the post you're replying to and just repeat yourself ad nauseum.

Of course inflation increases homelessness, which is why it's a good thing that US inflation continues to decline and is much lower than most other developed countries.

We've been over all the other stuff you keep posting/ignoring replies to, so unless you have something new in your Gish Gallop, I'm not going to bother any more.

Before you run , Here's what the Federal Reserve & AP says you need to educate yourself with.

Aug 9, 2023 ... New Federal Reserve report shows U.S. credit card debt exceeds $1 trillion, a new all-time high. Here's what you need to know.

AP-NORC poll: Many Americans say their expenses are outpacing earnings this year​

Economy Oct 27, 2023 11:03 AM EDT
NEW YORK (AP) — About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.

 

[Uncle J]

Before you run , Here's what the Federal Reserve & AP says you need to educate yourself with.

Aug 9, 2023 ... New Federal Reserve report shows U.S. credit card debt exceeds $1 trillion, a new all-time high. Here's what you need to know.

AP-NORC poll: Many Americans say their expenses are outpacing earnings this year​

Economy Oct 27, 2023 11:03 AM EDT
NEW YORK (AP) — About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.

LOL....we've already been over that.

Thanks for illustrating my point for me.

 

[Uncle J]

Dow surges nearly 500 points as Fed rate-hike fears fade on cooling inflation

Stocks closed sharply higher on Tuesday, led by the Nasdaq, as softer-than-expected inflation data supported the view that the Federal Reserve may be done raising interest rates.

The Dow Jones Industrial Average jumped 489.83 points, or 1.4%, to 34,827.70, the Nasdaq climbed 2.4% and the S&P 500 rose 1.9%. The benchmark S&P 500 and the tech-heavy Nasdaq had their biggest percentage gains since April.

In the 12 months through October, the CPI climbed 3.2% after rising 3.7% in September, while economists polled by Reuters had forecast a 3.3% gain on a year-on-year basis.

 

[Milk-Drops]

I think the bigger issue is that the NASDAQ is GDP and not really a good sign of the average American. With inflation the buying power that was felt shortly after the laxing pandemic restrictions quickly dried up. I'm making what would have been a dream wage for me 3 years ago, but I can afford way less and am struggl8ng to keep up. Housing is still high price wise. If anything that bubble is due to burst again if the government ever gets around going after AIR bnb slum lords and "flippers". Get rich quick and passive income people are a leech on our society.

 

[Uncle J]

I think the bigger issue is that the NASDAQ is GDP and not really a good sign of the average American. With inflation the buying power that was felt shortly after the laxing pandemic restrictions quickly dried up. I'm making what would have been a dream wage for me 3 years ago, but I can afford way less and am struggl8ng to keep up. Housing is still high price wise. If anything that bubble is due to burst again if the government ever gets around going after AIR bnb slum lords and "flippers". Get rich quick and passive income people are a leech on our society.

Well that's the point of the post. The stock market rose because investors were encouraged at seeing inflation continue to decline, which means the Federal Reserve is less likely to raise interest rates next quarter.

https://twitter.com/x/status/1725178489282650134

 

[Uncle J]

14 million jobs created under Biden (more than the last 3 Republican Presidents combined)

Lowest Black unemployment in US history

Lowest Hispanic unemployment in US history

Lowest unemployment for women in 70 years

Lowest Black poverty rate in US history

GOP Governors celebrating money and manufacturing jobs in their states from Biden's CHIPS Act

https://twitter.com/x/status/1730411926000218585

 

[Uncle J]

https://twitter.com/x/status/1730268266663121038

 

[Corn Pop]

Did they just sum up the banking system? Lol.

 

[Corn Pop]

 

[miamited]

Hi Consecrated Life

Why is all this low inflation causing the American middle class to kill their financial futures to make ends meets then ?

Let's be honest, though. People have been throwing that line around for a long time about a lot of issues complaining how something that we're doing today or have been doing is killing the financial futures of some. Here's a 2016 video decrying how we had destroyed the middle class then.

attacks on the financial stability of the american middle class - Bing video

www.bing.com

Here's a finding from PEW research in 2018: https://www.pewresearch.org/short-r...-ground-financially-to-upper-income-families/

So, for at least the last 10 years some have been decrying the falling of the middle class. So, I'm really not so sure that any immediate issue of today is necessarily causing any more pain to the middle class than what they seem to always, or at least for the last 10 years, feel.

God bless,
Ted

 

[Consecrated Life]

Hi Consecrated Life
Let's be honest, though. People have been throwing that line around for a long time about a lot of issues complaining how something that we're doing today or have been doing is killing the financial futures of some. Here's a 2016 video decrying how we had destroyed the middle class then.

So, for at least the last 10 years some have been decrying the falling of the middle class. So, I'm really not so sure that any immediate issue of today is necessarily causing any more pain to the middle class than what they seem to always, or at least for the last 10 years, feel.

God bless,
Ted

​

Right you are.
Makes sense that the middle class would not be first in line to lack bread to eat .
"Lower income" people are the ones first in line to suffer that challenge right now , middle class your turn will be here soon.

Credit card debt has reached a record high. Here's what it means for the economy.​

Some consumers are burning through pandemic-era savings, experts said.
ByMax Zahn
November 8, 2023, 1:50 PM

Americans have record credit card debt
Americans’ credit card balances have reached a new high of $1.08 trillion, marking a 5% spike in debt in...Read More

Credit card debt climbed to a record high in the third quarter of 2023, surging nearly 5% from the previous quarter and leaving a growing share of borrowers late on payments, a Federal Reserve report this week showed.
The report demonstrates the dwindling savings held by some consumers who amassed a financial buffer during the pandemic but later burned through it under the strain of rapid price increases, economists told ABC News.
The financial hardship, they added, has fallen primarily on low-income people squeezed between elevated prices and high interest rates who borrowed money to cover the rising expenses.

 

[miamited]

Hi Consecrated Life

The financial hardship, they added, has fallen primarily on low-income people squeezed between elevated prices and high interest rates who borrowed money to cover the rising expenses.

Yes, I agree with that assessment, but also know that it's always the low income bracket that suffers the hardest in all of these financial changes. They generally endure such changes the most because they have the least savings to fall back on. But again, that's always been the way. Inflation has always been a part of economic growth. Otherwise we'd still be paying 35¢ for a loaf of bread.

God bless,
Ted

 

[Consecrated Life]

Hi Consecrated Life
Yes, I agree with that assessment, but also know that it's always the low income bracket that suffers the hardest in all of these financial changes.

God bless,
Ted

yes, it a case of who is running the apple cart

POLITICS

Voters’ grim economic outlook helps boost Trump in new battleground poll​

PUBLISHED MON, NOV 6 202311:55 AM ESTUPDATED WED, NOV 8 20236:14 PM EST