Highest balances ever, highest increase ever, the Joe Biden economic wonder continues apace :biden-troll:
The figures suggests Americans’ are starting to rely more on credit as savings built up on the back of government pandemic-relief funding dries up. Bloomberg Economics estimates that households earning less than $90,000 a year will have exhausted their financial cushions by February.
:doomer:
Nothing says healthy economy like everything being bought with hypothetical money from the future. :this-is-fine:
“What is debt anyway? A debt is just the perversion of a promise. It is a promise corrupted by both math and violence.” -- David Graeber
“Debt is the most effective way to take a relation of violent subordination and make the victims feel that it's their fault.” -- David Graeber
“Student loans are destroying the imagination of youth. If there's a way of a society committing mass suicide, what better way than to take all the youngest, most energetic, creative, joyous people in your society and saddle them with, like $50,000 of debt so they have to be slaves? There goes your music. There goes your culture. There goes everything new that would pop out. And in a way, this is what's happened to our society. We're a society that has lost any ability to incorporate the interesting, creative and eccentric people.” -- David Graeber
“Meanwhile, the U.S. debt remains, as it has been since 1790, a war debt; the United States continues to spend more on its military than do all other nations on earth put together, and military expenditures are not only the basis of the government's industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all.” -- David Graeber
Hmm I wonder what 20th century historical event was partially brought on by rising consumer debt...
Bloomberg Economics estimates that households earning less than $90,000 a year will have exhausted their financial cushions by February.
Good, this is how we can get them back into the workforce making me treats :frothingfash: :so-true:
$90,000
The median income is like $30k. People who make $90k make more than like 90% of the country. So 90% of people will just have no savings
Virtually all Americans who retained relatively consistent employment throughout 2020 had the estimated best financial year of their lives thanks to the stimulus checks. If $1800 is enough of a bump to set the record best, that's fucked.
exhausted their financial cushions
A fascinating euphemism for complete proletarianization.
:geordi-no: jokerfication
:geordi-yes: absolutely bimbofied proletarianization
This is obviously yet another perfect equilibrium in a self regulating market. As long as credit never contracts or crunches we will never experience a financial crisis. Everyone, just take a little more debt every day so the profit machine doesn't slow slightly or you'll lose your job and won't be able to pay your debts.
Weren't people bragging like a month ago about how people's debt is lowest in decades thanks to the stimulus and stuff?
:shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika: :shocked-pikachu: :surprised-pika:
I mean obviously this isn't sustainable. The markets going to tank in a couple weeks and then we're closing up shop again.
I have to imagine this whole fascade of functionality is to get a good earning report or something before the whole fucking thing collapses.
Like this isn't even kind of fucking possible to continue like this lmao. What the hell
In communist countries, the economy doesn't produce anything meaningful and the state uses fake money to keep the facade going.
