15.8% is a LOT faster than incomes grew.
15.8% is a LOT faster than the GDP grew.
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Meanwhile checking and savings deposits at US-Chartered banks dropped 5.7% . . . a huge, unprecedented rate never seen in post WW2 history. (Slow-motion bank run? A bank walk?)
And total household net worth dropped 2.7% (without even adjusting for inflation.)
Something bad is going on.
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No problem here. It will hit $3 T. The sky is the limit.
Inflation will wittle away at Amerika’s wealth or should i say welfare.
The dimocrats three card monte game
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Looks like it has been a pretty steady rise since 2014 except for the odd dip in 2021.
Also in 2010 it doubled from 300b to 600b…Looks like they changed the criteria.
Good observation!
The big difference now is the 15% increase (about twice the annual norm).
Checking and savings down Y-o-Y is a very rare event. (Didn’t even happen during the banking crisis.)
15% increase in credit card balances is a very rare event
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Get your Kiwi ready, bootlickers. 
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what exactly is that chart telling you?
to me it looks like it is evening out after a huge jump.
Allan
(Sans the big jump)
The chart indicates steady increases of 5-7% and sometimes declines.
A 15% Y-o-Y increase is pretty big.
If new car sales jumped 15%
or egg sales jumped 15%
or sales of Tide laundry detergent jumped 15%
each of those would be pretty significant against a backdrop of 5-7% norm.
Same deal with credit card balances,
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having a high credit card balance is detrimental to your credit score.
id like to see a chart of an americans credit score year by year.
that would give a clearer indication of consumers financial health.
Allan
i looked into it and the average credit score has INCREASED 25 points between the years 2010 and 2022. (from 689 to 714) however look like 714 might be the high point for now.
Allan
Something happened in 2020-21…hmm…let me see if I can put my finger on it…then something happened in 2022 that was caused by 2020-21…let me see if I can figure it out…
Moral- trying to generalize from data that has large swings that correspond to a Black Swan Event happening is never a good idea.
And note the two times there were large swings in these graphs corresponded to two Black Swan Events.
How many bank collapses should we pretend did not happen?
5? 10?
Flock of black swans?
The more interesting trends on these graphs is the period from 2017-2020…you know…that period when “America was great again”, everyone had jobs and wages were supposedly rising wonderfully.
Do these graphs bear that supposition out?
Was there a post anywhere that said we should ignore bank collapses?
A LOT of economists (especially those who lean left) advocate “counter cyclical” economic policy.
When the economy is strong
- spending should be cut
- social programs should be cut
- deficits should be cut
- etc.
Since Bidenomics is working and the economy is great which social programs should we cut?
Care to give me a list of social programs
The rate of increase slowed.
“Year 1 I put 10% of my income in the bank. Year 2, only 8%. Now I can’t afford to put anything in the bank in fact I am taking money out.”
If you successfully change the subject to Donald Trump, you might feel like you win an internet argument. But the economy will still be downbound and you will still be ignoring that fact.
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This is not true at all.
There was no significant difference in the rate of change in any of those graphs from 2017-21.
The credit graph is most illuminating…all throughout the 2010s, there was a steady increase in the amount of credit held by consumers. From 2014 to 2020 it’s an almost straight line sloping upwards.
I’m not changing the subject to Donald Trump and I agree there are mid- to long-term economic pitfalls looming.
But the conclusions you are trying to draw from these graphs are not warrnated…yet…by the evidence.
Because you are extrapolating off data generated during an extraordinary event.
As the GDP is growing 2-3% (more than half of that the growth in government spending)
As real incomes is languishing and sometimes negative after inflation
Credit card balances are raising at 2-3 times their normal rate and bank balances are in severe decline.
Yes I think that’s bad sign.
OTOH if the economy is strong and jobs are soaring then . . . it’s probably time to follow economic doctrine and cut social spending and cut deficits.
Here is something we don’t see very often (only during a recession and never before the dot.com crash)
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It’s because our economy is crap! I know people buying a quarters worth of groceries on credit cards and paying it off when they can because they are living month to month, and some are getting a 2nd full time job on the weekend! I wonder if that counts toward the wonderful job numbers Biden created. Yellen already said inflation increased 1.3% on consumer items from last year. The liberal answer is be happy and eat Spaghetti o’s, what do you tell the people who are doing that and still struggling? We already know infrastructure spending went 90% to Fortune 500 companies.
64% of Americans live pay check to paycheck and 72% of Americans have lost 30% of their generational wealth and savings since Bidens presidency, it’s not a good economy. I like you and dipping into savings to pay for things, I assure you in 2020 I was living comfortably before Biden was elected. Energy bills are as much as car payments in most states. Property taxes are out of this world right now and there are no signs of improvement.
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