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DEBT REVOLUTION? Tens of millions of student loan borrowers stage “massive student debt strike”

January 04, 2024 -

Activists say that this is not just a temporary lapse but a "massive student debt strike" as borrowers continue to wait for the White House to implement its long-awaited student loan forgiveness program.

"Faced with the impossible choice of feeding their kids, keeping a roof over their head, or throwing an average of $400 a month into the Department of Education [DoE] incinerator, borrowers are rightly choosing to keep themselves and their families financially afloat," ...

Credit card and auto debt DELINQUENCIES are SOARING, especially among younger Americans

February 15, 2024 -

The Household Credit Report from the New York Fed's Center for Microeconomic Data found that aggregate household debt balances rose by $212 billion, a 1.2 percent rise from the previous quarter.

Credit card debt rose by $50 billion to a record-high of $1.13 trillion. Auto loan balances rose by $12 billion to $1.61 trillion, continuing the upward trajectory that began in the second quarter of 2020. (Related: Swelling DEBT crisis creating financial "death spiral" in America, ...

Biden wants taxpayers to shoulder $6B student loan debt of 78,000 public service workers

a month ago -

The move increases the total amount of student debt "forgiven" by the current administration to approximately $150 billion for four million borrowers.

The cancellation targets public service workers, including teachers, nurses, and firefighters, who are eligible for forgiveness under the Public Service Loan Forgiveness Program (PSLFP) established in 2007, aimed at relieving student debt for those in public service roles. The average amount of debt that will be canceled is ...

Biden DID NOT wipe away debt via student loan forgiveness program – he only redistributed it to other taxpayers

2 months ago -

History has shown that attempts to "cure" a problem by exceeding the federal government's constitutional powers generally lead to more and worse problems. The courts, in the exercise of what is called "equity jurisdiction," have long excused borrowers from obligations incurred through fraud, duress and other forms of creditor unfairness.

In addition, federal bankruptcy laws – authorized in the Constitution by Article I, Section 8, Clause 4 – offer a path to safety for debtors ...

THIS DOESN’T ADD UP: Joe Biden gives auto companies BILLIONS in taxpayer dollars while auto worker wages are getting CUT IN HALF

July 13, 2023 -

Biden has long touted himself as a proponent of replacing the millions of cars on America's roads with electric vehicles. In his Inflation Reduction Act, automakers that produce EVs and the batteries needed to power them could soon see a windfall of over $220 billion by 2031 in the form of taxpayer-funded subsidies. (Related: Biden's EV program is alienating allies in the United Auto Workers, who fear the push will lead to fewer well-paying union jobs.)

These massive subsidies ...

US household debt soared to all-time high of $17.05 trillion in Q1 2023, thanks to the Fed’s relentless rate increases

May 17, 2023 - auto loan debt holders, with a 2.33 percent serious delinquency rate – 0.72 percent higher than last year.

Meanwhile, serious delinquency rates for student loan debt and mortgage debt stood at 0.94 percent and 0.59 percent, respectively.

Learn more about the collapse of the American economy and household finances at DebtCollapse.com.

Watch this video discussing in detail how household debt in the United States reached an all-time high at the end of the ...

DEBT BLOWOUT: US debt has soared $1.2T since debt ceiling suspension – and the Treasury expects to add another $1.5T by year’s end

August 03, 2023 -

According to data from the Treasury Department, the total $32.66 trillion of government debt is composed of two different kinds of Treasury securities. Around $6.9 trillion of debt is in the form of nonmarketable Treasury securities purchased by U.S. government pension funds like the Social Security Trust Fund.

Meanwhile, the remaining $25.7 trillion is in the form of marketable securities, or Treasury securities that are held and traded by the global public, either by ...

DEBT SURGE ALERT: $8.9T government debt to mature, $1.4T budget deficit expected in 2024

February 14, 2024 -

The Federal Reserve has also been running down its balance sheet by $60 billion per month. The bottom line, experts said, is that someone will need to buy more than the said amount in U.S. government bonds. It is more than one-third of the U.S. outstanding federal debt and more than one-third of the country’s gross domestic product (GDP).

According to education platform Apollo Academy's Chief Economist Torsten Slok, this is going to be a particular challenge when the ...

National debt hits record-high $32 trillion two weeks after suspension of debt ceiling

June 21, 2023 -

According to the nation's treasury data, the national debt is currently at $32.03 trillion. The Congressional Budget Office estimates the country's deficit for the fiscal year 2023 to be near $1.4 trillion, driving the national debt even higher.

The debt ceiling deal, which also included tens of billions in spending cuts demanded by Republicans in the House of Representatives, will allow the government to borrow whatever it wants until the end of 2024 when the debt ceiling ...

FreedomWorks economist predicts EVs will be the auto industry’s “NEXT BIG FLOP”

November 07, 2023 - Stephen Moore, a senior economist at FreedomWorks and former senior economic adviser to former President Donald Trump, has predicted that America's electric vehicle (EV) market will be the auto industry's "next big flop."

In an interview on Fox News's Varney & Co. program and an op-ed in the Daily Caller, Moore drew a parallel connection between the Ford Edsel, which was touted as a groundbreaking car in the late 1950s, but ultimately failed to gain traction ...

U.S. Treasury running out of new buyers of debt, enters debt spiral thanks to reckless government spending

December 06, 2023 -

Expenditures increased due to the recent economic downturn but they also saw it increasing at an alarming rate even outside of crisis periods. Mises Wire, a contemporary news and opinion site, reported that government expenditures skyrocketed during the 2020 crisis, but even ignoring those spikes, annual spending has increased by about $1.6 trillion since 2019. Also, tax revenues are not keeping up, which means ever-deepening deficits. Tax receipts have only increased by about ...

Biden’s budget request for fiscal 2025 includes $12 billion for student loan forgiveness

a month ago -

The proposed $12 billion is set to go to a new federal program called Reducing the Costs of College Fund that would support federal strategies to improve college graduation rates and make costs more affordable for students. (Related: Biden DID NOT wipe away debt via student loan forgiveness program – he only redistributed it to other taxpayers.)

Along with funding ways the executive can lower college costs and improve graduation rates, the $12 billion will go toward increasing ...

Biden administration “forgives” another $7.4 billion in student debt for 277,000 borrowers, effectively transferring that debt to U.S. taxpayers

5 days ago -

According to a statement released by the White House, the cancellation is part of a broader effort by Biden to address the financial burdens of education, which he highlighted earlier in the month. This initiative is aimed at alleviating the economic pressures faced by millions of Americans and is seen as crucial for securing the support of young voters in the upcoming November re-election. (Related: Biden defies Supreme Court on student debt cancellation, absurdly claims there’s ...

CONFLICT OF INTEREST: Biden’s energy loan czar uses clout to promote private trade group

October 10, 2023 -

According to reports, Shah founded the Cleantech Leaders Roundtable, a 501(c)(4) nonprofit and a community of cleantech and climate-tech leaders. The private association has reportedly seen a surge in revenue since Shah took over the powerful $400 billion LPO in 2021.

Moreover, the group, which didn't have a website until three years ago, reportedly now regularly hosts sold-out receptions featuring the energy loan official for its paying members across the country. In ...

US credit card debt rises to historic high of $1.03 trillion

August 09, 2023 -

This is according to the Federal Reserve Bank of New York, which noted that total credit card debt rose by nearly five percent, or about $45 billion, during the second quarter of 2023 to a new high of $1.03 trillion. This is the highest gross value in Fed data going back to 2003. (Related: Survey: The average American has over $54,000 worth of debt and would do almost anything to get rid of it.)

The Fed noted in its credit report that the rise in credit card balances ...

United Auto Workers end strike after reaching tentative agreements with Ford, Stellantis, General Motors

October 31, 2023 -

Ford was the first of the Big Three dominoes to fall, after it reached a tentative agreement with UAW negotiators on Oct. 25. Three days later on Oct. 28, the UAW announced reaching a similar deal with Stellantis, the parent company of luxury brands like Chrysler, Jeep and Ram. Finally, on Oct. 30 – the birthday of UAW President Shawn Fain – the union ended six weeks of whirlwind strikes after General Motors caved and agreed to the deal.  (Related: United Auto Workers president ...

Woman arrested after wheeling a CORPSE into a bank to “sign off” on a loan

3 days ago -

Citing the Brazilian O Globo newspaper, the Straits Times (ST) reported that law enforcement arrested Erika de Souza Vieira Nunes after allegedly taking the body of Paulo Roberto Braga in a wheelchair. The suspect reportedly brought the corpse of the 68-year-old Braga to a bank branch in the Bangu neighborhood of Rio De Janeiro to sign off on a 17,000 Brazilian reais ($3,248.70) loan.

A bank employee sensed something was wrong as Nunes was attempting to complete the transaction ...

Credit card DEBT has SOARED, thanks to BIDENFLATION

November 15, 2023 -

According to the Federal Reserve Bank of New York's (New York Fed) Quarterly Report on Household Debt and Credit released Nov. 7, credit card balances hit a new high of $1.08 trillion during the third quarter. This grew from a mere $48 billion from the previous quarter, and jumped by a record $154 billion compared to the number from a year ago.

This huge YOY leap is the biggest since the New York Fed began tracking household debt and credit data in 1999. Its report ...

Elon Musk says Twitter had FBI “portal that auto-deleted all comms” after two weeks

a month ago -

Calling the portal "a FOIA violation," FOIA being the Freedom of Information Act, Musk says what the FBI was doing at Twitter before he took over and turned the social media platform private was probably against the law "because you shouldn't be able to delete orderly things after two weeks."

Musk made these and other comments during an interview on the Texas Lindsay podcast, the episode of which included copious discussion of online censorship of Americans by the United ...

German banks preparing for wave of loan defaults in the face of major real estate crisis

February 23, 2024 -

During the fourth quarter of 2023, the bank raised its provisions for losses on loans, setting aside more than $230 million for the year to prepare for bad debts in light of the “persistent weakness of the real estate markets.”

The bank noted: “Despite these expenses, PBB remains profitable thanks to its financial strength — even in the greatest real estate crisis since the financial crisis.”

Their statement was referring to the 2008 financial crisis, when banks ...