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What is your explanation for 2019 credit card debts. That we know people didn't pay off in 2020 or 2021....
Free money from 2008/2009 policy changes.
It was too cheap, in some people's minds, to pass up.
However, it remained manageable for them for many years.
The Biden/Democrat policies in 2021/22 caused a seismic shift. Rather than going back to work and reducing short term government handouts as planned once the vaccines were made available, Biden and the Democrats pushed multiple wasteful economic policies which encouraged people to NOT go back to work and flooded the system with money. Later Russia took advantage of weak American leadership, just like they did when Biden was VP, to invade another country again. A direct result of Biden being President. This created a worldwide problem. BIDEN cause that directly......well, with the help of the morons who voted for Big War!
Even prior to the election. Biden and the Democrats would not let up with trying to force even more money into the system, by buying votes with a direct bribe using student loan forgiveness.
Face it my friend, the absolute fact is the policies of Biden and the Democrats in 2021/22 have made things far worse than they would otherwise have been. Remember, Putin invaded when Biden was VP, NOT when Trump was P, and now again when Biden is P. THERE IS A REASON FOR THAT.
But it's okay. I don't expect you or anyone else on the left to hold Biden or the Democrats accountable for any of it. I simply accept you will deflect 100% of the blame onto others not on your team. It's simply what team blue does.
It was too cheap, in some people's minds, to pass up.
However, it remained manageable for them for many years.
The Biden/Democrat policies in 2021/22 caused a seismic shift. Rather than going back to work and reducing short term government handouts as planned once the vaccines were made available, Biden and the Democrats pushed multiple wasteful economic policies which encouraged people to NOT go back to work and flooded the system with money. Later Russia took advantage of weak American leadership, just like he did when Biden as VP, to invade another country again. A direct result of Biden being President. This created a worldwide problem. BIDEN cause that directly......well, with the help of the morons who voted for Big War!
Even prior to the election. Biden and the Democrats would not let up with trying to force even more money into the system, by buying votes with a direct bribe using student loan forgiveness.
Face it my friend, the absolute fact is that the policies of Biden and the Democrats in 2021/22 have made things far worse than they would otherwise have been. Remember, Putin invaded when Biden was VP, NOT when Trump was P, and now again when Biden is P. THERE IS A REASON FOR THAT.
But it's okay. I don't expect you or anyone else on the left to hold Biden or the Democrats accountable for any of it. I simply accept you will deflect blame onto others.
It remained manageable? It was higher than it was in 2008. That means any little bump in the economy would have sent that debt higher.
Our unemployment rate was back to normal last year. People went back to work.
Face it my friend...your feelings about what happened need some numbers -- lol.
And so Americans were given hand outs and had exzta money so they didn't work so they used their credit cards...yeah no
Location: In a perfect world winter does not exist
3,661 posts, read 2,952,269 times
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I have no doubt 2024 will be a Newsom victory for President. I do think the Mega Maga bait will eventually die down and not last another 2 years till 2024. It will be a new boogie man, any ideas anyone what the new deflective will be.
What is your explanation for 2019 credit card debts. That we know people didn't pay off in 2020 or 2021....
It's really rather simple. In 2019, income growth had been exceeding the cost of living for nearly a decade. In addition, interest rates for home mortgage loans and consumer loans were at their lowest levels in a century. The country was experiencing great prosperity and most people assumed the prosperity would continue forever. Jobs were plentiful. Interest rates near zero. Under such benign conditions, there was no reason (for many people) not to max out their credit card. Party hearty while times are good!
But then, along came the Wuhan Flu in 2020 which shut the country down. Then, Slow Joe and crew compounded the problems when he took office. The rest is (a sad) history.
An article from December 2019:
"After years of flat, negative or minimal movement, income growth has been outpacing the cost of living in recent years. While the cost of living has grown 19% in the past decade, the median household income has gone up 30%."
"Debt has surged over the past year due to inflation running near its highest pace in more than 40 years and amid rising interest rates ."
I don't think it hurt enough to cause enough people to vote for Republicans. Biden's emptying the Strategic Oil Reserve to help the Democrats did just that. We most likely will get a deeper recession in 2023, whether or not it's enough to change the course of politics is not clear.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,936 posts, read 36,989,150 times
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Quote:
Originally Posted by Tall Traveler
I don't think it hurt enough to cause enough people to vote for Republicans. Biden's emptying the Strategic Oil Reserve to help the Democrats did just that. We most likely will get a deeper recession in 2023, whether or not it's enough to change the course of politics is not clear.
Not sure why it would. The President has minimal impact on whether a recession happens. Trump couldn't stop the one at the tail end of his Presidency (our last one).
Soft landings are difficult, and to control inflation the Fed will likely need to keep raising interest rates until they match the inflation rate. That's the general benchmark. That will likely trigger a recession. Nothing a President can do will change that.
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