These content links are provided by Content.ad. Both Content.ad and the web site upon which the links are displayed may receive compensation when readers click on these links. Some of the content you are redirected to may be sponsored content. View our privacy policy here.

To learn how you can use Content.ad to drive visitors to your content or add this service to your site, please contact us at [email protected].

Family-Friendly Content test

Website owners select the type of content that appears in our units. However, if you would like to ensure that Content.ad always displays family-friendly content on this device, regardless of what site you are on, check the option below. Learn More

Biden’s Failures Leave Americans Penniless — But It Doesn’t Stop There

Biden’s Failures Leave Americans Penniless — But It Doesn’t Stop There

Despite promises of the contrary, quality of life has not improved since Biden assumed office.

A shocking report from the Federal Reserve Bank in New York City estimated that Americans now hold more than $15 trillion in debt.

In the second quarter of 2021, debt increased by $313 billion — a 2.1% increase and the largest jump observed since the fourth quarter of 2013 — to hit a total of $14.96 trillion.

Here’s the central bank’s explanation as to why Americans are drowning in debt:

Mortgage balances — the largest component of household debt — rose by $282 billion and stood at $10.44 trillion at the end of June. Credit card balances started to tick back up, increasing by $17 billion in the second quarter. Despite the increase, credit card balances were still $140 billion lower than they had been at the end of 2019. Auto loans increased by $33 billion, while student loan balances decreased by $14 billion. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) grew by $44 billion, with increases in auto loans and credit card balances offsetting the decline in student loan balances.

The report adds that federal stimulus measures are responsible for lower levels of delinquency:

Aggregate delinquency rates across all debt products continued to decline since the beginning of the pandemic recession, reflecting an uptake in forbearances provided by both the CARES Act and voluntarily offered by lenders. These supportive policy measures continue to be visible in the delinquency transition rates, as the share of mortgages that transitioned to delinquency hit a record low of 0.4%.

The share of student loans that are reported as delinquent remains very low as the majority of outstanding federal student loans remain covered by CARES Act forbearances. Auto loans and credit card delinquency transition rates also continued to decline, reflecting the impact of government stimulus programs and bank-offered forbearance options for troubled borrowers.

The report emerges as federal lawmakers continue to push for more debt cancellation and delay measures.

For one, Senate Majority Leader Chuck Schumer (D-NY), Sen. Elizabeth Warren (D-MA), Rep. Ayanna Pressley (D-MA), and other progressives have been urging President Biden to unilaterally forgive up to $50,000 in student loans.

For another, President Biden’s Centers for Disease Control and Prevention extended a moratorium on evictions originally created by the Trump administration in response to COVID-19 and the lockdown-induced recession, threatening landlords with fines of up to $250,000 for kicking out tenants.

Non-housing debt currently amounts to $4.19 trillion; housing debt amounts to $10.76 trillion.

Author: Sebastian Hayworth


Most Popular

These content links are provided by Content.ad. Both Content.ad and the web site upon which the links are displayed may receive compensation when readers click on these links. Some of the content you are redirected to may be sponsored content. View our privacy policy here.

To learn how you can use Content.ad to drive visitors to your content or add this service to your site, please contact us at [email protected].

Family-Friendly Content

Website owners select the type of content that appears in our units. However, if you would like to ensure that Content.ad always displays family-friendly content on this device, regardless of what site you are on, check the option below. Learn More


Most Popular

Most Popular


You Might Also Like

ISIS’ Return To Power: Biden Sets The Stage

ISIS’ Return To Power: Biden Sets The Stage

The situation in Syria has turned into a geopolitical mess that highlights just how badly the Biden…
Think Health Insurance Is a Scam? You Can Thank Obama

Think Health Insurance Is a Scam? You Can Thank Obama

The health insurance industry isn’t selling peace of mind anymore—it’s selling a scam. Claims denials are skyrocketing,…
Major Legal Update: The U.S. Just Out-Woked Europe

Major Legal Update: The U.S. Just Out-Woked Europe

The Montana Supreme Court has managed to outdo itself in its ongoing quest to side with the…
Satanic War on Christmas Reaches New Heights

Satanic War on Christmas Reaches New Heights

Concord, New Hampshire, has decided to gift its citizens a holiday season they’ll never forget—by greenlighting a…