During the first 7 months of 2023, Americans paid a total of $3.3 TRILLION in personal interest

This is up a staggering 80% since 2021 and nearly above the entire 2022 total.

The worst part?
These numbers do NOT include interest on mortgage payments.

Americans are drowning in interest payments.

More detail from the source below

With the threat of recession looming (and I view the chance of recession as 100%) this is exactly the wrong time for leaders to (falsely) claim “Everything is fine. Please go spend spend spend. Please borrow and spend then borrow some more.”

I do not blame Joe Biden (much) for causing this.
But his “fanning the flames of happiness” or whatever we want to call it exactly the precisely the opposite of what a leader should be doing.

1 Like

What did you think of the CPI data that just came out, which did tick up a bit? I don’t see Powell getting to his 2% target without a recession.

The Sept 13 report (august CPI) came in at a scorching 0.6% M-o-M
for statistical reference, that equates to 7.4% annualized, but no one, myself included expects we’ll get 12 consecutive months of inflation that bad.

M-o-M inflation is never more than a guessing game but I feel safe saying
the models are wrong., They falsely-show low inflation. Inflation will routinely come in “Higher than expected.”
The big story from that release was the HUGE MISS in August PPI
0.7% M-o-M, vs 0.4% expected

1 Like

Blowing rainbows up our collective asses. Bidenomics!!

1 Like