EDITOR'S NOTE: An economy…shot: If you were hoping for a glimmer of hope in the US economic forecast, you may be in for a disappointment. The latest data on US bankruptcies and credit card delinquencies paints a pessimistic picture of the country's financial health. The start of 2023 has been the worst for US bankruptcies since 2010, with an 18% increase in filings from the previous year. Adding to the gloom, the delinquency rate for credit card payments is growing at the fastest rate since 2010. It's hard to find a silver lining in this cloud of economic gloom, and as we continue to grapple with the pandemic and its aftermath, it's hard to predict when things will get better. So, let's dive into the sobering reality of the US economic landscape and explore the implications of these worrying trends.
The US economy, despite the tight labor market, has been shot through the heart by Biden’s economic policies. The Biden Administration (aka, Obama’s third term as President) is giving government a bad name.
On the corporate side, US bankruptcies in 2023 had the worst start to a year since 2010 and the financial crisis.
Source: Confounded Interest
On the personal finance side of the ledger, the delinqueny rate on credit cards is growing at the faster rate since 2010.
Source: Confounded Interest
Throw in 22 straight months of negative REAL wage growth, and have a scary situation facing middle America.
Source: Confounded Interest
And the shate of outstanding subprime auto debt (30 days or more delinquent) is up to the highest rate since … well, you know when. The financial crisis of 2009-2010.
Source: Confounded Interest
The US middle class is living on a prayer, because Washington DC doesn’t care.
But don’t worry. Mayor Pete, the EPA and Ohio governor Mike DeWine claim the air is good to breath and the water safe to drink in East Palestine Ohio.
Source: Confounded Interest
Why isn’t Greta Thunberg racing to Ohio to protest the dumping of toxic chemicals?
Source: Confounded Interest
Originally published on: Confounded Int[cm_tooltip_parse][/cm_tooltip_parse]erest
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