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They are always telling Americans to keep their credit rating up so they can afford a house and car. Also, they tell us to "stop making excuses." We need to tell them the same thing.
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We have an annual budget of about 6 trillion, and roughly 20% of that is spent on the military. You don't get that money back. GDP is 23 trillion give or take, the national debt is 32 trillion.
There are a number of economic bubbles we are sitting on:
Credit card: 1 trillion, most Americans are 2 or 3 months away from not being able to pay their credit card debt.
Car loan debt: 1.5 trillion. 99 percent of Americans don't know this. Car loans have gone from an average of 24 months or so 30 or 40 years ago and now the norm is over 70 months. Most Americans with a car loan would lose their car if they lost their job
Student loan debt: 1.7 trillion. This won't be paid off at all. Most people with a student loan will carry it to their grave. And if they inherit anything the government will take what is needed to pay off that student loan.
Corporate Debt: 16 trillion. AT&T has a 191 million debt.
Fracking: 120 billion 99% of Americans don't know that the whole fracking (getting oil from shale, etc) is all done with massive debt and that debt comes due soon.
Don't have to be a math wiz to see that the country is f*cked economically. The next crash will make 2008 look small. The shock for me is Covid19 didn't put us into a depression but the government just started printing money left and right.
There are a number of economic bubbles we are sitting on:
Credit card: 1 trillion, most Americans are 2 or 3 months away from not being able to pay their credit card debt.
Car loan debt: 1.5 trillion. 99 percent of Americans don't know this. Car loans have gone from an average of 24 months or so 30 or 40 years ago and now the norm is over 70 months. Most Americans with a car loan would lose their car if they lost their job
Student loan debt: 1.7 trillion. This won't be paid off at all. Most people with a student loan will carry it to their grave. And if they inherit anything the government will take what is needed to pay off that student loan.
Corporate Debt: 16 trillion. AT&T has a 191 million debt.
Fracking: 120 billion 99% of Americans don't know that the whole fracking (getting oil from shale, etc) is all done with massive debt and that debt comes due soon.
Don't have to be a math wiz to see that the country is f*cked economically. The next crash will make 2008 look small. The shock for me is Covid19 didn't put us into a depression but the government just started printing money left and right.