Record 7 million are 3 months behind on their car payments https://www.businessinsider.com/auto-loan-delinquency-number-record-new-york-fed-2019-2 Unemployment Rate is at 4.0 Percent and people aren't making their car payments. The repo man is hard at work. Sign of a hollow economy.
Vast majority of the employed are not earning a living wage in the US - their incomes cannot support the basic cost of living which is rising fast. Hence the increase in debt levels.
Yet all is peach and rosy on horizon. I have no idea when next downturn takes place, but I think it will be like nothing we have seen in our live times.
So much pessimism....I assure you your leader Mr Trump will do WHATEVER it takes to prevent any downturn whilst he's in office.
"on the day that Barack Obama was sworn in—January 20, 2009—the debt was $10.626 trillion. When he left the White House on January 20, 2017, it was $19.947 trillion." https://www.debtconsolidation.com/us-debt-presidents/ Obama been the king of adding to the debt in terms in money, he didn't care about paying any of it back. Eventually when interest rates go up much more our economy and the world will collapse, we should have let it collapse in 2008, going to be far worse in the future. It won't be a recession, it be far worse and gold will be what one wants to stock pile. Today's economy I see many people working multitude of part time jobs as USA has become more of a service orientated instead of once being producing goods country. The Repo man does well in times of distress.
Just to point out... a 20k to 50k+ car loan (or lease) is not a "basic" cost of living. Article states..."Most of the Americans who have recently fallen behind on their car payments have low credit scores or are younger than 30 years old." This is a problem with the lenders, not the economy overall. Lenders have forgotten lessons of the past. The borrowers cited are high credit risks. Why is anyone surprised?
I was reading that yesterday and thought how could that possibly be. This entire nation is just full of debt debt debt debt and everyone is playing it off as if there are no worries...that's a ton of people behind on car payments. I can just imagine how far they must be behind in other monthly payments.... Today the United States passed $22 trillion in debt.
And how can this end well???? Even shares buy backs are financed with debt. What can possible go wrong?