Debt serfdom via student loans: A new class of indentured servants now carry the $1.1 trillion student loan bubble and cracks are already plaguing the system.
$1.1 trillion. That is the amount of student debt being carried on the backs of millions of Americans. Student debt has become a rite of passage for many young Americans. In fact, many Americans establish their first credit line with student debt as they enter college. The crisis is large and has a direct connection […]
A road to unsustainable debt: CBO reports that US is on unsustainable budget course as spending exceeds revenues.
A recent CBO report came out with a rather sobering outlook of our governmental spending habits. The word “unsustainable†is probably not something you want uttered in a report about meeting a budget. Yet that has been our recent trajectory when it comes to spending. The massive financial crisis and subsequent bailouts have resulted in […]
The American dream myth: Income mobility; 4 out of 5 Americans struggle with poverty, joblessness, or go on welfare at some point during their lives; and bottom 80 percent of Americans control 7 percent of total wealth.
There is an odd sort of Greek-like mythology that the American dream is only getting stronger when various pieces of economic data clearly show that this is not the case. The middle class has noticeably shrunk over the past few decades. Income inequality is at levels last seen during the wildly opulent Gilded Age. We […]
The financial feeding of the massively indebted American: Consumer credit owed hits record, permanently high gas prices, and feeding empty promises with food stamp outlays up 600% from 2000.
Americans are now fully engaged, once again, in their consumption ways financed by debt. To continue pretending that the middle class is not shrinking, massive amounts of debt are being pumped into the system once again. Total consumer debt has reached another peak but the reason this has peaked is very troubling. Over the last […]