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(NPR)   Ten years after the recession, American household debt has reached a new highest level ever. RECOVERY COMPLETE   ( npr.org) divider line
    More: Murica, Debt, credit card, credit card debt, biggest debt category, household debt, Late-2000s recession, zero-percent credit card, Federal Reserve Bank  
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770 clicks; posted to Business » on 12 Sep 2017 at 1:20 PM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



37 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-09-12 11:58:40 AM  
But Trump says debt is good, so America is doing awesomely!
 
2017-09-12 12:04:04 PM  
img.fark.netView Full Size
 
2017-09-12 12:07:18 PM  
1.  Kill all attempts to increase minimum wage
2.  Force people to go in debt just to live
3.  Own bank or credit card company
4.  Profit
 
2017-09-12 12:09:01 PM  

Psychopusher: But Trump says debt is good, so America is doing awesomely!


But the GOP and ALEC are, at this very moment, in a Constitutional Convention planning to introduce a Balanced Budget Amendment, among other things. How can that be???

On September 12, 2017 in Phoenix, Arizona, the states will assemble in formal convention to create rules of procedure for a future convention to propose a balanced budget amendment (BBA) pursuant to Article V of the U.S. Constitution.

source

Hey, uh voters? You may want to pay attention here. Debt will be how they own your ass.
 
2017-09-12 12:09:55 PM  
GREAT AGAIN AT LAST!
 
2017-09-12 12:19:20 PM  
In absolute dollar terms? Or as some percentage measure? Context people. It matters
 
2017-09-12 12:21:37 PM  
Huzzah!
 
2017-09-12 12:25:46 PM  
Maybe those credit card companies should've thought twice before throwing me that huge credit limit increase I didn't ask for.

WOOHOOOO I'M GOIN TO VEGAS
 
2017-09-12 12:33:10 PM  
BIG AGGREGATE NOMINAL DOLLARS MEAN SOMETHING
 
2017-09-12 12:58:39 PM  
....id really love to have no student loan debt...*sighs*
 
2017-09-12 01:12:55 PM  

raerae1980: ....id really love to have no student loan debt...*sighs*


Start a go fund me page.
 
2017-09-12 01:32:23 PM  
On the day I finally paid off my last college loan.

Huzzzah!

Now for the damned car payment.
 
2017-09-12 01:55:50 PM  

Gubbo: In absolute dollar terms? Or as some percentage measure? Context people. It matters


Absolute dollar, FTA. So not accounting for 10 years of inflation, although I imagine inflation has been low...ish.
 
2017-09-12 01:58:57 PM  

The Madd Mann: Gubbo: In absolute dollar terms? Or as some percentage measure? Context people. It matters

Absolute dollar, FTA. So not accounting for 10 years of inflation, although I imagine inflation has been low...ish.


Also not counting for 10 years of population growth.
 
2017-09-12 02:01:48 PM  

Nadie_AZ: Psychopusher: But Trump says debt is good, so America is doing awesomely!

But the GOP and ALEC are, at this very moment, in a Constitutional Convention planning to introduce a Balanced Budget Amendment, among other things. How can that be???

On September 12, 2017 in Phoenix, Arizona, the states will assemble in formal convention to create rules of procedure for a future convention to propose a balanced budget amendment (BBA) pursuant to Article V of the U.S. Constitution.

source

Hey, uh voters? You may want to pay attention here. Debt will be how they own your ass.


The GOP has the House, Senate, and WH.  Anytime they want to pass a balanced budget they can
 
2017-09-12 02:12:07 PM  
So did middle class income, so at least there's that.
 
2017-09-12 02:15:21 PM  

Gubbo: In absolute dollar terms? Or as some percentage measure? Context people. It matters


Also debt type matters a lot.  A $200,000 mortgage is way less of a concern than a $20,000 credit card balance.
 
2017-09-12 02:22:42 PM  

bigfatbuddhist: 1.  Kill all attempts to increase minimum wage
2.  Force people to go in debt just to live
3.  Own bank or credit card company
4.  Profit


Thread done.
 
2017-09-12 02:48:34 PM  

Nadie_AZ: Psychopusher: But Trump says debt is good, so America is doing awesomely!

But the GOP and ALEC are, at this very moment, in a Constitutional Convention planning to introduce a Balanced Budget Amendment, among other things. How can that be???

On September 12, 2017 in Phoenix, Arizona, the states will assemble in formal convention to create rules of procedure for a future convention to propose a balanced budget amendment (BBA) pursuant to Article V of the U.S. Constitution.

source

Hey, uh voters? You may want to pay attention here. Debt will be how they own your ass.


You can always just go off the grid.
 
2017-09-12 02:56:37 PM  

mcreadyblue: You can always just go off the grid.


I already live in the sewers.  We have enough mutants down here.  No more immigrants!
 
2017-09-12 03:00:18 PM  
Wait.  Does this mean I should buy or sell?
 
2017-09-12 03:23:39 PM  

img.fark.netView Full Size

 
2017-09-12 03:27:34 PM  

The Madd Mann: Gubbo: In absolute dollar terms? Or as some percentage measure? Context people. It matters

Absolute dollar, FTA. So not accounting for 10 years of inflation, although I imagine inflation has been low...ish.


Lowish, except that for this article they are considering one very expensive item that people frequently take out loans for.  That being a car.  I think we should mandate that these greedy car companies install devices that can detect when a child is left in a hot car and then automatically start the car and turn on the air conditioning, unless the CO levels exceed a safe level and then it should throttle between both risks....
 
2017-09-12 03:35:56 PM  
How about a credit card debt Bail Out like USA has done for so many of the banks?
Many times.
Many places.
 
2017-09-12 03:52:49 PM  
Nothing like bailing out people who made poor choices and paying off your donators to fix an economy.
 
2017-09-12 05:19:10 PM  
Is that entirely true? I felt that the recession has in many people created a "survivor mentality" that they are more reluctant ot make certain purchases, and are more financially austere. Perhaps it's just me.
 
2017-09-12 07:19:16 PM  
So, we're working our way towards another crash?
I'm sure that this administration has a solid plan to deal with the inevitability.
Nope. We're boned. Should be interesting.
In the Chinese curse meaning of the word.
 
2017-09-12 08:17:55 PM  
Y'all motherfarkers just don't learn do you?

/only debt is the mortgage on our house and rental house.
//drive a 32, 14, and 10 year old car.
///credit cards get paid off every month
////it's not hard, just stop buying shiat you don't have money for.
 
2017-09-12 08:28:34 PM  

Big_Fat_Liar: The Madd Mann: Gubbo: In absolute dollar terms? Or as some percentage measure? Context people. It matters

Absolute dollar, FTA. So not accounting for 10 years of inflation, although I imagine inflation has been low...ish.

Lowish, except that for this article they are considering one very expensive item that people frequently take out loans for.  That being a car.  I think we should mandate that these greedy car companies install devices that can detect when a child is left in a hot car and then automatically start the car and turn on the air conditioning, unless the CO levels exceed a safe level and then it should throttle between both risks....


Just wait until self-driving cars are a thing. If it detects a child left in an in-running and locked car, it will start up and drive straight to the nearest orphanage.

The real technological marvel will be how they program the ejector seats to get the kid out without damaging the resale value of the car.
 
2017-09-12 09:57:38 PM  

Walt_Jizzney: Is that entirely true? I felt that the recession has in many people created a "survivor mentality" that they are more reluctant ot make certain purchases, and are more financially austere. Perhaps it's just me.


Do you doubt it? This country is addicted. Everybody can see it, too.
 
2017-09-13 06:41:48 AM  

Walt_Jizzney: Is that entirely true? I felt that the recession has in many people created a "survivor mentality" that they are more reluctant ot make certain purchases, and are more financially austere. Perhaps it's just me.

I'd like to see an age and type breakdown of the debt load.  I'd guess Millenials are more likely to have student loan debt.  Boomers are more likely to have consumer debt.
 
2017-09-13 09:07:42 AM  
I've thought for a while that consumer credit might be the next needle to pop the bubble. Might be the case.
 
2017-09-13 02:44:43 PM  

BMFPitt: So did middle class income, so at least there's that.


Fair enough, but that money quoted in the second paragraph - $59,039 - is only equal to $40,712.50 in the year 2000 money thanks to inflation. So, some people might have more, but it doesn't necessarily go further

I also get that you're not arguing that things are fixed just because middle class income has slightly increased.
 
2017-09-13 03:01:25 PM  

Man. Goatman.: Fair enough, but that money quoted in the second paragraph - $59,039 - is only equal to $40,712.50 in the year 2000 money thanks to inflation. So, some people might have more, but it doesn't necessarily go further.


These numbers are all adjusted for inflation.  FTA, 1999 income in current dollars was $58,655.

I also get that you're not arguing that things are fixed just because middle class income has slightly increased.

Well depends what you mean by "fixed."  People are better off overall today than they have ever been, so there's that.
 
2017-09-13 03:36:33 PM  

BMFPitt: Man. Goatman.: Fair enough, but that money quoted in the second paragraph - $59,039 - is only equal to $40,712.50 in the year 2000 money thanks to inflation. So, some people might have more, but it doesn't necessarily go further.

These numbers are all adjusted for inflation.  FTA, 1999 income in current dollars was $58,655.

I also get that you're not arguing that things are fixed just because middle class income has slightly increased.

Well depends what you mean by "fixed."  People are better off overall today than they have ever been, so there's that.


Ah, hadn't seen the article adjust for inflation, so you got me. Thanks for pointing that out.

I think the article itself is problematic because it can be used as a presupposing argument that the economy is "fixed." That, combined with recent jobs numbers* could be taken to mean that things are far better now. Sure, maybe better than in the beginning of 2008, but a lot of folks still have it bad. Inequality is high, class mobility is low, and debt has never been higher. I don't think an argument can be made that across the board, everyone is better off. A few, absolutely. Some, most likely. Most though? I don't think see it. (Although I understand that doesn't mean it's untrue.)

Median household income going up doesn't much matter if the number of working households goes down. That could be caused by more people being out of work or evicted and recovering from the housing bubble bursting - and they're living with extended family or friends. More millennials staying at home with mom and dad, but working, would effectively contribute to a higher household income. Something similar happened in the 70s because as wages tended to stagnate, more and more women were entering the workforce. 

*Jobs added in the last six months or so have mostly been service industry-related (high concentration of restaurants), not really the types of jobs that can support a family on their way to accessing the American Dream.

All in all, I'll take any positive indicator as a start, anyway. I'm just not convinced we're where we should be for overall positive growth.
 
2017-09-13 04:04:05 PM  

Man. Goatman.: I think the article itself is problematic because it can be used as a presupposing argument that the economy is "fixed."


The article is factually reporting on a data point.  Don't get mad at data because it doesn't fit your narrative.

I don't think an argument can be made that across the board, everyone is better off. A few, absolutely. Some, most likely. Most though? I don't think see it. (Although I understand that doesn't mean it's untrue.)

The fact that Donald Trump is President aside, I'd much rather be a randomly selected person in 2017 than 1999.
 
2017-09-13 04:24:42 PM  

BMFPitt: Man. Goatman.: I think the article itself is problematic because it can be used as a presupposing argument that the economy is "fixed."

The article is factually reporting on a data point.  Don't get mad at data because it doesn't fit your narrative.

I don't think an argument can be made that across the board, everyone is better off. A few, absolutely. Some, most likely. Most though? I don't think see it. (Although I understand that doesn't mean it's untrue.)

The fact that Donald Trump is President aside, I'd much rather be a randomly selected person in 2017 than 1999.


I'm not mad in the slightest. I just think there are factors not being considered here, particularly, if the number of contributing members of a household has increased. If so, it should be factored in. If it has been factored in, then this is objectively great news. If the latter is the case, I can admit that I was wrong, much like I just did with me not seeing that the numbers had been adjusted for inflation.
 
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