Clickit to biggit. (Source)
If, after seeing that, you're still optimistic about the US economy in the short to medium term, I have this bridge in Brooklyn, NYC to sell you. It's not just a bargain, it's a steal! Cash only, please, and in small bills.
Peter
15 comments:
I have heard it fairly widely reported that many people are paying for weekly essentials with credit cards and that is unsustainable. Discover recently increased by a large margin the number of defaults they expect in 2023. Interest rates are up to 30% and that makes repayment unlikely. When the credit cards can no longer be used, what will these people do then?
Due to dietary restrictions, I cannot eat starches, but I have 5 gallon buckets full of rice, beans and pasta along with bouillon cubes for others. It was cheap and it might be better to be Freddy the sharer than Freddy the hoarder.
One more cheery note, food stamp amounts are being cut across the country as the Covid monies are coming to an end. A friend of mine who subsists on bottom level social security benefits just had hers cut by $120/month.
I see people on the freeway passing me, WOT, at 80MPH in full-size pickups. These people are paying the same price for gas as I am. They're either not eating, or they're running up the card. Next thing, they'll all be sinking in debt, and Biden will come out and "forgive" (make the rest of us pay the bill) those debts. ...Debt means NOTHING to the young, and this is why...
"...and in small bills."
Is that in rubles or dollars? I'd prefer mine in gold or platinum, thank you.
While there is certainly reason to be concerned, I am always *VERY* suspicious when I see weasel graphs like this where a *rate* in % is graphed against an absolute number. A stable credit card % debt will climb with total size of the economy, so what this graph *could* be showing is a stable % of total in a growing economy...but it isn't clear without additional verification (that most no one will actually do). So...weasel graph. Kinda like weasel words (could show...indicates...as much as...up to...etc). Keep your critical skills sharp when you see mixed units like this...savings rate (%) vs debt (%) is a much better indicator.
Small bills means the fire for warmth will last longer? :-D
James, you would be better advised not to discuss your stash, regardless of how you intend to use it. You might want to have those things to trade for things you /can/ eat.
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Sigh... Here we go again...
What Stencil said. Someone may be planning to eat at James' house without James.
Pete. I have a full sized pickup truck. It is diesel and gets the same mileage as my car when I am not towing a trailer for my business. Some people need the pickup for their business and then use it for pleasure since they are so versatile.
CDH: My exact thoughts but you beat me to it. The scale on this graph is confusing and misleading.
James: I pay for weekly essentials on my credit card because it makes more financial sense since I earn cash back. Then I pay the CC bill. Be careful about misleading statistics. There is a difference between "can't afford essentials" and "using CC to do shopping".
James might make a nice stew with all that rice beans and pasta. :-)
They'll eat James first. Unlike his beans he won't keep when the lights go out for good
I use my credit card for most of my purchase, but pay it off every month...haven't paid any interest on the card for AGES, but my credit card (from my credit union) pays back 2% to 3% of my purchases. I usually "make" hundreds of dollars a year from the cash back.
Good points on the misleading graph, thanks guys.
James - As a Christian I understand the desire to help others in need. The problem with "Freddy the Sharer" is that word gets around among the "Leon the Lazy Ones" who have done nothing to prepare, and soon you will have a line at your door expecting- demanding - to be taken care of. Old habits are hard to break especially when they are hungry.
Well, probably both atvthe same time.
You need a side with your meat.
It would only be given to people I know. I know people who simply are stretched to their limit with daily expenses and though they try, what they buy is eaten right now.
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