Subprime lending at highest level since financial crisis hit: The three leading subprime categories are auto loans, credit cards, and student debt. $189 billion in subprime loans made in 2014.
The euphoria is bleeding into every corner of our debt driven economy. Access to credit is being given to consumers but unfortunately, the loans are tied to items that are counter to becoming financially healthy. More to the point, subprime loans have reached levels that were last seen only during the financial crisis. As fewer […]
The revival of the American debt machine: auto loans, student debt, and credit card debt surge in latest report. Total non-housing debt now at $3.15 trillion.
Last week while going through mountains of credit cards offers, it felt as if we were in 2005 and 2006. Even last year, the cold calls started and it seemed like the debt machine was back and alive. This is helpful news for consumers given that half of Americans are living paycheck to paycheck. Now […]
A demographic tsunami looms: By 2020 we will have 20 percent of our population 65 and older. Half of elderly Americans would be in financial ruin if it weren’t for Social Security.
Kicking the can down the road has a nice appeal. It is the same allure that comes from procrastinating. Putting off the dirty work for another day. This seems to be the approach we have taken for deficit spending. So it is no surprise that older Americans have followed in the same footsteps and many […]
Top 4 largest occupation sectors in the United States all in the low wage service sector paying $10 an hour or less: What does it mean living near the minimum wage?
People have a hard time wrapping their minds around the economic fact that the top employment sectors in the United States are all made up of occupations in the low wage service sector. We define low wage as a job that pays $10 an hour or less. The press doesn’t really highlight this working poor […]
The evolution of low wage America: The most common jobs by state in 1978 to 2014. The destruction of the manufacturing industry.
The US continues to see a widening gap between the army of low wage workers, the highly paid small upper-class, and a dwindling middle class. We’ve already shown through IRS tax data that households make a lot less than people think. The US has been on a very steady trend towards having a massive pool […]
Market indicators suggesting a correction is coming: On Black Tuesday Shiller PE Ratio was at 30. Today it is at 26.2 and volatility is back in a big way.
Volatility is back in a big way for the global economy. Not that it went away but for a couple of years central banks fooled the public into believing that perpetual debt was a good way to rejuvenate the markets. There will be no free lunch. Oil crashed rather dramatically. Greece is reigniting further issues […]
The minimum wage economic recovery – 44 percent of jobs added since recession ended come from low-wage industries paying $10 an hour or less.
This has been a disjointed economic recovery. Most Americans are hearing about this Wall Street party yet look at their paychecks and wonder when the party is going arrive in their neighborhood. Looking back at the 2001 recession, the recovery during that time came largely by adding higher paying employment. That is not the case […]