NY Fed warns of mass defaults as household debt hits a record $17.5 trillion.

That’s up $3.4 trillion since the pandemic — almost $30,000 per household. On top of $10 trillion in new federal debt — almost $80,000 per household. In all the average American household is now carrying over $400,000 in debt. They make one-sixth that. Debt is clearly unsustainable at this point. And it’s the only thing holding up the economy.

NY Fed warns of mass defaults as household debt hits a record $17.5 trillion.

That’s up $3.4 trillion since the pandemic — almost $30,000 per household. On top of $10 trillion in new federal debt — almost $80,000 per household.

In all the average American household is now… pic.twitter.com/uu5zqdaiV6

— Peter St Onge, Ph.D. (@profstonge) February 21, 2024

Inflationary pressures due to government spending are effectively obliterating the middle class. We’re not far out from an elite class of ultra rich upper class and a subservient working lower class. For a prime example of where we are heading, look no further than California. Craig C
There were 33 major work stoppages in ’23 (highest in 24 yrs), idling 459k workers; that was twice the average annual work stoppages than the last 20 yrs; the cost-of-living crisis has led unions everywhere to demand 20%+ pay increases and even larger increases in benefits: EJ Antoni

Quarterly census of employment and wages shows job gains continue to be geographically uneven while less than half the country saw an increase in average weekly earnings, and that’s before adjusting downward for inflation…

ATL Fed: business inflation expectations unexpectedly fell in Jan to 2.2%, lowest level since Feb ’21 and nearing both the target rate and the pre-pandemic average of 2.0%; given the profit margin diffusion index is at -25, the forecast seems to be driven by demand destruction:

CHI Fed: national financial conditions appear to have flatlined in recent weeks after substantial revisions; w/ macro adjustments, there’s even slight tightening though still way looser than average; revisions have had big swings in the last few years, so we’ll wait and see:

Reverse repo drain now isn’t until Apr at the earliest, May still very possible: pic.twitter.com/hadPOzWacn

— E.J. Antoni, Ph.D. (@RealEJAntoni) February 20, 2024

You know they are intent on collapsing the economy. They are doing everything needed to accomplish America’s destruction, and the continued collapse of the dollar. So protect your family , your 401K, retirement – – – – click below