Trump Official Drops Odd Boast About Economy: 'Credit Card Spending Is Through the Roof!'

[pat_k]

21. Bunch of whiners.

What do you want? An economy that actually enables Americans to save money? What good would that do for credit card companies??

I didn't go through all the source links, so consider these unconfirmed, but here are a few highlights (low-lights) from an AI summary (Gemini) on the state of American savings and consumer debt. As expected, appalling, but not surprising with the felon's determination to devastate the economy of the "little people." (The wealthiest are plugging along just fine of course)

Consumer Debt Levels (Q1–Q2 2026)

Total Household Debt: Reached a record $18.8 trillion at the end of 2025, continuing to rise in early 2026.

Credit Card Debt: Hit a record $1.28 trillion in Q4 2025, marking a 5.5% annual increase.

Auto Loans: Stood at approximately $1.69 trillion as of February 2026, a 1% increase year-over-year.

Delinquencies: Late-payment delinquencies climbed to 4.8% of all household debt, with student loans showing 9.6% delinquency (90+ days late).

Debt-to-Income: Consumer debt reached 68.55% of US GDP in 2025, with many households spending over 29% of their monthly income to pay off debts.

Savings and Financial Security (May 2026)

Personal Savings Rate: Collapsed to 4.0% in Q1 2026, down from 6.2% in early 2024, indicating households are saving less to meet expenses.

Emergency Savings: Approximately 40% of Americans have less than $500 in savings, and 14% have no savings at all.

Does the "Indicating households are saving less to meet expenses" strike anyone else as a snarky, blame the victims, note? (Gee people are just so irresponsible is this horrific economy. What is wrong with them?)