What they don’t take into account is that there are people like myself that do not use their own money to spend rather a credit card. I’ll take a zero interest 15-month trial CC then pay it all when that date expires.
SnooOwls5482 on
Why is the baseline at USD 750B, making it seem like the growth has been around 1000% (instead of 50%) ?
jvdlakers on
So is this 1trill of the 35trill we ow?
seriousbangs on
Um… yeah. This is *exactly* what high interest rates are supposed to do.
You lose your job because of the high rates and blow through savings and then rack up debt.
It’s supposed to make all our lives better because reasons.
Even though Powell admitted that
a. Housing accounts for more than half of inflation.
and
b. He can do fuck all about the price of housing.
In other words Powell *knew* his interest rate hikes weren’t helping inflation, he just wanted us to lose our jobs, [and said so under oath](https://www.youtube.com/watch?v=bIHH5Kh2dU0).
AnimusFlux on
If you account for inflation since the end of 2019, there has been virtually no change. If you use Real values from 2018 then we’re talking about around 10% growth, or less than 2% growth a year on average.
Nominal timescale graphs about the economy might has well be written in crayon.
magicdrums on
the economy is great though brah, what you mean?
burrito_napkin on
Debt is counted as GDP the economy is great! Don’t think too much about what the economy is.
NotWoke23 on
Elections have consequences.
cballowe on
Credit cards are a revolving credit line. For a lot of people, their credit card debt is just the money they’ve spent in the last month. The normal cycle is spend it, get billed for it, pay it – anything that gets billed is reported here.
The trend is toward fewer cash transactions in general – those formerly cash transactions have moved to credit cards, which means more credit card debt / increases the amount of consumer spending that aligns with credit card debt. In a world where every retail transaction is a credit card purchase, credit card debt would just be the monthly retail spending.
15 Comments
This is nominal.
And don’t forget that as a percentage of income, personal debt is below where it was in the 90s and early 2000s.
Comparing nominal numbers year over year is completely meaningless.
And up 20% over 5 years, less than cumulative inflation. Funny how cherry picking statistics works.
“sustainable growth”, LOLs
i’m actually surprised federal debt is up ONLY 30% – [https://fred.stlouisfed.org/series/GFDEBTN](https://fred.stlouisfed.org/series/GFDEBTN)
The economy is doing great! /sarc
What they don’t take into account is that there are people like myself that do not use their own money to spend rather a credit card. I’ll take a zero interest 15-month trial CC then pay it all when that date expires.
Why is the baseline at USD 750B, making it seem like the growth has been around 1000% (instead of 50%) ?
So is this 1trill of the 35trill we ow?
Um… yeah. This is *exactly* what high interest rates are supposed to do.
You lose your job because of the high rates and blow through savings and then rack up debt.
It’s supposed to make all our lives better because reasons.
Even though Powell admitted that
a. Housing accounts for more than half of inflation.
and
b. He can do fuck all about the price of housing.
In other words Powell *knew* his interest rate hikes weren’t helping inflation, he just wanted us to lose our jobs, [and said so under oath](https://www.youtube.com/watch?v=bIHH5Kh2dU0).
If you account for inflation since the end of 2019, there has been virtually no change. If you use Real values from 2018 then we’re talking about around 10% growth, or less than 2% growth a year on average.
Nominal timescale graphs about the economy might has well be written in crayon.
the economy is great though brah, what you mean?
Debt is counted as GDP the economy is great! Don’t think too much about what the economy is.
Elections have consequences.
Credit cards are a revolving credit line. For a lot of people, their credit card debt is just the money they’ve spent in the last month. The normal cycle is spend it, get billed for it, pay it – anything that gets billed is reported here.
The trend is toward fewer cash transactions in general – those formerly cash transactions have moved to credit cards, which means more credit card debt / increases the amount of consumer spending that aligns with credit card debt. In a world where every retail transaction is a credit card purchase, credit card debt would just be the monthly retail spending.