Tag: Federal Reserve
According to new reports from the Social Security and Medicare trustees, Social Security and a Medicare fund that pays for hospital expenses will both begin running deficits in 2035 and 2036. Disappointingly, but not surprisingly, Congress was too preoccupied spending billions more on military aid for foreign countries and banning TikTok to pay attention to the looming bankruptcy of the two largest federal entitlement programs.
According to the Federal Reserve, credit card delinquencies increased by 50 percent in 2023, while consumer debt grew to 17.5 trillion dollars. A recent survey by Clever Real Estate found that three in five Americans have credit card debt and that 23 percent of Americans increase their credit card debt every month. The survey also found that 48 percent of Americans (including 59 percent of millennials) use credit cards for essential living expenses.
The Biden people have it just 180 degrees wrong; perception does matter and is not “wrong.” And it does not matter that some of the economic effects listed here are not Joe’s “fault.”
If the Fed allowed interest rates to increase to anywhere near what they would likely be in a free market, interest rate payments on the federal debt would rise to a level causing a financial crisis. President Biden has kept his promise to refrain from criticizing the Fed’s conduct of monetary policy.
