The latest report from the Federal Reserve Bank of New York triggered all manner of financial anxiety. At $13.2 trillion, total U.S. household debt increased from $12.7 trillion a year ago, a jump of nearly four percent. Lending Tree, a loan comparison website, reported that the consumer-debt portion of total household debt will hit $4 trillion well before the end of the year. It added that Americans owe more than 26 percent of their annual income to this debt, up from 22 percent in 2010, and that debts on auto loans and credit cards are climbing by more than seven percent a year.
The savings rate of the average American household has declined to 2.4 percent, nearly a record low.
Last year, the Federal Reserve rattled the markets with its survey that indicated that 35 percent of U.S. adults reported that they would not be able to pay all of their bills if they were faced with a $400 emergency....
This opinion piece has a better look at America's economic future then the "New German" article had.
Tyler Cowen wrote: ...In recent years, the underlying rate of productivity growth often has been about 1 percent, and rates of economic growth are not even half of what they used to be. Meanwhile, America will have to increase taxes or reduce spending by about $2,200 per taxpayer per year to keep the national debt-to-GDP ratio from rising ever higher, and that figure predates the Trump tax cuts. To fund that shortfall, the U.S. will cut back on infrastructure maintenance. At least one-third of this country will end up looking like â€” forgive the colloquial phrase â€” â€śa dump.â€ť The racial wealth gap will not be narrowed....
--[URL=https://tinyurl.com/y89fvqqw]]]https://tinyurl.com/y89fvqqw (The Decline and Fall of the American Empire)[/URL]---"Even if you donâ€™t think itâ€™s likely, itâ€™s always best to be prepared."
Being a Christian, thankfully there's a bigger picture. [URL=https://www.tms.edu/news/tms-distinctives-dispensationalism/]]]https://tinyurl.com/lxqchw3 (TMS Distinctives: Dispensationalism)[/URL]
Geo. Will wrote: Conservatives who flinch from forthrightly marginalizing Trump mistakenly fear alienating a substantial Republican cohort. But the assumption that today's Trumpites are Republicans is unsubstantiated and implausible. Many are no doubt lightly attached to the political process, preferring entertainment to affiliation. They relish their candidate's vituperation and share his aversion to facts. From what GOP faction might Trumpites come? The establishment? Social conservatives? Unlikely....
... So, conservatives today should deal with Trump with the firmness Buckley dealt with the John Birch Society in 1962. The society was an extension of a loony businessman who said Dwight Eisenhower was "a dedicated, conscious agent of the Communist conspiracy." In a 5,000-word National Review "excoriation" (Buckley's word), he excommunicated the society from the conservative movement.
Buckley received an approving letter from a subscriber who said, "You have once again given a voice to the conscience of conservatism." The letter was signed, "Ronald Reagan, Pacific Palisades, Cal."
--[URL=https://tinyurl.com/yd934hen]]]https://tinyurl.com/yd934hen (Donald Trump is a counterfeit Republican)[/URL]
Jim; Budgting & tracking in how one spends their money diffidently important things, that can affect ones daily living, by all means.
But that is a temporal aspect of importance, but the Eternal aspect of one having a bad spiritual record before Christ, that pays out a full debt wage of death. As 10 out of 10 will die on their appointed day of death; Heb 9:27! One who isnâ€™t spiritually adopted through Christ isnâ€™t prepared for death, regardless of how much money one has or doesnâ€™t have.
The only thing that prepares one for the day of death is being in Christ Alone. As being Born Again from Up Above Alone isnâ€™t a option alone, for their is no other means of experiencing the saving gift of reconciliation in any other, than through Christ alone amen.
Pro 11:4 Riches profit nâ€™t in the day of wrath, but righteousness delivereth from death.
Have to agree with Dr. Tim. If we wanted to read what liberals say and think we would either cut on the tv, buy a newspaper, listen to NPR, or visit one of their sites. No one is changing to your misguided thinking Jim. Please post your liberal agenda on a liberal site where it will be loved and applauded and give the folks here on SA a rest
Funny, but I didn't notice any anxiety about the household debt reported on any other source. I guess the John Birch Society, publisher of this "New American" magazine, has their reporters doing a better job than any other news sources I pay attention to. I am not worried; what does it say in Proverbs 32: Figures lie and liars figure. You can prove anything with statistics, and many medical studies are false because of their inaccurate and wrong use of statistics. Dave Ramsey, famous Christian financial adviser, has promoted people getting out of debt, and I can't believe his number 3 rated talk show is doing nothing. Somewhere else, I think, I have seen studies showing more Americans are paying off their mortgages. Of course, you can reply with the saying attributed to the late British Prime Minister Benjamin Disraeli: "There are three kinds of lies: lies, damned lies, and statistics."
My, what a Pollyanna out look the "New German" has when it comes to the economy.
Josh Boak wrote: ...The middle class
$100 trillion. That's roughly the net worth of U.S. households and nonprofits, according to the Federal Reserve.
Problem is, America's wealth is increasingly lopsided, with the affluent and the ultra-wealthy amassing rising proportions and everyone else benefiting modestly if at all.
The top 10 percent of the country holds 73 percent of its wealth, a share that has crept steadily up since 1986, according to the World Inequality Database. The most sweeping gains are concentrated among the top 1 percent; this group holds nearly 39 percent of the wealth. And they're arguably poised to become even more prosperous because Trump's tax cuts largely favored the wealthiest slice of individual taxpayers....
--[URL=https://tinyurl.com/yd4vepry]]]https://tinyurl.com/yd4vepry (Why aren't many Americans benefiting from the robust U.S. economy?)[/URL]
the middle class has been eviscerated. the poor live off of them, the elites outsourced their jobs and brought in replacement populations through open borders, forced extractions of funds and instability through ocare, etc, higher and higher taxes. and the elderly one step away if the stock market crashes, they will be in the same place as the working class that keep the taxes moving. insolvent pensions, so they raise rates on tuition, etc.
Tertullus wasn't a very good man, Jim; he falsely accused Paul with the intent of having him put to death. However, ol' Tert did have one virtue that you are obviously lacking, and that was a desire not to be "further tedious." Your repetitious cutting and pasting of the same old anemic liberal quotes is beyond redundant. It is bordering on torture. At least find some new material; the old gags are falling flat.
I don't know if I am enthusiastic about some of Robert Reich's ideas but they do need to be considered most if not all of them. This essay came in 2014 the problem was recognized years before that even. But it is fairly well covered and Dr. Reich's essay.
Robert Reich wrote: ...Democracy. The connection between widening inequality and the undermining of democracy has long been understood. As former Supreme Court Justice Louis Brandeis is famously alleged to have said in the early years of the last century, an era when robber barons dumped sacks of money on legislatorsâ€™ desks, â€śWe may have a democracy, or we may have great wealth concentrated in the hands of a few, but we cannot have both.â€ť...
...When large numbers of Americans are working harder than ever but getting nowhere, and see most of the economic gains going to a small group at the top, they suspect the game is rigged. Some of these people can be persuaded that the culprit is big government; others, that the blame falls on the wealthy and big corporations. The result is fierce partisanship, fueled by anti-establishment populism on both the right and the left of the political spectrum....
--[URL=https://tinyurl.com/mcwcclj]]] https://tinyurl.com/mcwcclj (How to Shrink Inequality)[/URL]
Paul Krugman wrote: Thereâ€™s no mystery about the Republican agenda. For at least the past 40 years, the G.O.P.â€™s central policy goal has been upward redistribution of income: lower taxes for the wealthy, big cuts in programs that help the poor and the middle class. Weâ€™ve seen that agenda at work in the policies of every Republican president from Reagan to Trump, every budget proposal from party stars like Paul Ryan, the speaker of the House.
Yet I have to admit that while the wising-up of American voters is deeply encouraging, it also makes me nervous. History says that Republicans wonâ€™t change course, because they never do. Theyâ€™ll just look for bigger distractions.
And with everyone who showed even an occasional sense of responsibility leaving the Trump administration, you have to wonder what comes next. In particular, regimes in trouble â€” like, say, the Argentine junta in the 1980s â€” often try to rally the public with dangerous foreign policy adventurism. Are you sure that Trump wonâ€™t go that route? Really sure?
--[URL=http://tinyurl.com/y9ukk5nc]]]http://tinyurl.com/y9ukk5nc (Voters May Be Wising Up)[/URL]đź‘Ť
No, John, it is not a good position. We have a slightly used president, will England take him off our hands?