Even I'm surprised. Household debt hits 16 trillion

[georgephillip]

You're right, I'm not responsible for the death of tens of millions, like Marx and his idiot followers.

How many hundreds of millions of innocent human beings has capitalism and its greedy pigs killed?

 

[Toddsterpatriot]

How many hundreds of millions of innocent human beings has capitalism and its greedy pigs killed?

Capitalism makes life possible for billions of innocent people around the world.

 

[initforme]

Household debt is not an issue.

 

[georgephillip]

Capitalism makes life possible for billions of innocent people around the world.

You didn't answer my question.

 

[Blues Man]

When citizens must pay enormous sums for HC and higher education, you can expect high debt loads.

Most people don't have to pay high prices for college.

 

[Blues Man]

You didn't answer my question.

And what will make the difference?

Socialism? Communism?

 

[georgephillip]

And what will make the difference?

Socialism? Communism?

Capitalism has been in existence for about 500 years with domination and exploitation being two of its signature qualities.

It has found ways to profit from war, famine, genocide and chattel slavery over that time, and it continues to prosper from the killing, maiming, and displacing of millions of innocent human beings today.
Towards workplace democracy

It rules its workplaces like a dictatorship which means any society committed to democratic state will eventually be presented with a ballot "choice" between candidates preselected by the richest one percent of its citizens.

There are better alternatives:

Libertarian socialism - Wikipedia

"Libertarian socialists seek to replace unjustified authority with direct democracy, voluntary federation and popular autonomy in all aspects of life,[80] including physical communities and economic enterprises.

"With the advent of the Industrial Revolution, thinkers such as Pierre-Joseph Proudhon and Karl Marx elaborated the comparison between wage labor and slavery in the context of a critique of societal property not intended for active personal use.[81][82]

"Luddites emphasized the dehumanization brought about by machines while later Emma Goldman famously denounced wage slavery by saying: 'The only difference is that you are hired slaves instead of block slaves'"

 

[irosie91]

How many hundreds of millions of innocent human beings has capitalism and its greedy pigs killed?

as far as I understand history---MARX, himself, was not
involved in murder. Georgie's hero, STALIN, did it

 

[gipper]

Most people don't have to pay high prices for college.

as far as I understand history---MARX, himself, was not
involved in murder. Georgie's hero, STALIN, did it

Yeah any criticism of capitalism is met with labeling one a murderous commie. How sad and dumb. The capitalists have many well trained monkeys.

 

[Toddsterpatriot]

Yeah any criticism of capitalism is met with labeling one a murderous commie. How sad and dumb. The capitalists have many well trained monkeys.

Ummmm.....georgie is a commie.
He's not murderous, because he's just a whiny wannabe.

 

[georgephillip]

as far as I understand history---MARX, himself, was not
involved in murder. Georgie's hero, STALIN, did it

If you consider Stalin to have been a state capitalist, he certainly contributed his share to capital's centuries-long campaign of genocide and mass killing, but he can't be blamed for its current crimes against humanity.

 

[georgephillip]

Ummmm.....georgie is a commie.
He's not murderous, because he's just a whiny wannabe.

 

[expat_panama]

In consumer finance, it is hard to surprise me after this long

People wondered how people were making it not working and sitting on their crisco bursting arses

This is it. As a mortal enemy of debt, I see a lot of Chapter 7s down the pike

If we never got rid of Debtors Prisons, this would not be happening

Americans are piling up credit card debt as they struggle to keep up with the high cost of living

Americans are piling up credit card debt as they struggle to keep up with the high cost of living.

www.cnn.com

So what we got is that in the U.S. total household debt is $16T, and total household assets add up to $165T, leaving a total net worth of "just" $150T:

So how is this bad news?

 

[irosie91]

anyone---how is "HOUSEHOLD DEBT" calculated?

 

[expat_panama]

anyone---how is "HOUSEHOLD DEBT" calculated?

It's from the "Flow of Funds"

The Flow of Funds section produces the Board's quarterly Financial Accounts of the United States, a comprehensive set of accounts that includes detail on the assets and liabilities of households, businesses, governments, and financial institutions.

--the the Fed reports on it quarterly. More info here.

 

[MarathonMike]

"Almost 90 percent of American debts are owed to the richest 10 percent of the population"

Total bullshit. People owe money to credit card companies, student loans and banks not rich individuals.

 

[irosie91]

what is issue with regard to the figures on 'HOUSEHOLD
DEBT' ?

 

[expat_panama]

what is issue with regard to the figures on 'HOUSEHOLD
DEBT' ?

What the issue is happens to be the fact that Americans are smart productive people and the more wealthy they get the more they can afford to borrow to increase their assets. Look at the total assets and the total debt of the American people:

Over the past 15 years total household liabilities has doubled from about $10T to $20T, and at the same time total assets have also doubled from $80T to $160T. Americans are very smart and productive people --the exceptions being those morons who read the NYT and CNN.

 

[irosie91]

What the issue is happens to be the fact that Americans are smart productive people and the more wealthy they get the more they can afford to borrow to increase their assets. Look at the total assets and the total debt of the American people:

View attachment 686461
Over the past 15 years total household liabilities has doubled from about $10T to $20T, and at the same time total assets have also doubled from $80T to $160T. Americans are very smart and productive people --the exceptions being those morons who read the NYT and CNN.

oh----so what is the issue----the way it is presented seems
to me------lots of poor single moms with thousands in
credit card debt an no place to live

 

[irosie91]

How many hundreds of millions of innocent human beings has capitalism and its greedy pigs killed?

the capitalist system of economy KILLS people?