And the total debt for households is now exceeding $ 18 trillion.
In the US Capitol, the power does not stop meeting with a fixed object – in particular Republican ‘ The unsaturated pursuit of tax reducing and nations Budget deficit trillion. But since conservative legislators block themselves in square return requests for billionaires with their eternal perseverance for “fiscal responsibility”, Americans are increasingly experiencing for another type of debt – their own.
Last month is a desperate state of Finance Middle Americans when Doordash announced the partnership With Klarna, the company “Buy Now, Pay Later”. If you can’t disrupt together $ 25 plus the next meal fee, you can now pay for it in installments. Theoretically, these payments can be without interest. In practice, everyone who needs a multi -monthly plan to afford lunch also risks missing these terms, and to collect untimely fences that ferment profits Largely unregulated BNPL companies.
This widely made “Solution” is not only the last step on our march to techno-section. What someone can now fall into debt on their Crunchwrap Supreme reflects a wider loan crisis, which is only intensified by predators, masked as corporate benefits. At a time when consumers’ mood is already already collapsed to almost recording minimumAmerica cannot afford so many Americans who cannot afford.
According to the federal reserve system, consumer debt has reached the maximum over the entire time, with the middle family C -in more than $ 100,000. Overall home farms in America now exceeds 18 trillion dollars. And if this debt is measured as Percentage of national GDPThe Americans were at a worse fiscal strait than their colleagues in Russia, Pakistan and the Congo. We might think that ours The world’s leading consumer costs Expresses national prosperity, but it really reflects an individual lure.
Now this responsibility for the ball threatens to burst those who can afford it. Borrowers for additional editions are lagging About the payments of cars at the highest rate in the 30 years, as well as default on loans for federal housing approaches the previous pandemic high. This debt gap is related to the corresponding gap of savings. Americans with low income are spent on average more than they do each month– on was arguingNot because they “live outside their funds, but because they are denied life.” And what they have little dollars literally do not succumb lifting a non -cash economy. As a result of credit card Offenses arose to a level that is not observed after a large recession.
Another parallel with the worst economic center? Massive deregulation. A retrospective federal report on financial crisis accused of lack of supervision Clinton and Bush administration regulators. Following this disaster which cost almost 9 million jobsPresident Obama Created by the Consumer Financial Defense Bureau– As suggested – Law -Professor Elizabeth Warren – to avoid repeating the same mistakes. For its 14 years of existence CFPB hacked operational corporate practices by saving consumers 21 billion dollars. This success is naturally on nearly 90 percent.
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The chances of federal assistance look gloomy, but at the state level, orientation steps are taken to resolve medical debt, a rare source of two -party indignation. Bills in Health – This is a country Leading cause of bankruptcythe fact that drew anger even Florida Republicans. There’s Ron paratrooping recently signed law which facilitates this To challenge medical expenses, while reducing how long hospitals must collect this debt. At the same time, blue cities with Los -Angeles to Toledo used federal assistance Buy medical debt. For example, Cook County, Illinois, spent only $ 12 million to unlock $ 1 billion for low -income residents.
But dissolution of our nationwide compensation will require even wider solutions. Company of poor people Has one such ambitious proposal. Movement for economic justice led by the poor, it stands for “Jubilee Platform“It can cancel housing, utility and student debt to low -income people. Of course regularly protests Democrats may push the Democrats in cities across the country and public pressure to make the debt of the central issue of the intermediate terms next year.
The company of poor people also calls for another, more philosophical, reform – national “Moral revival“It completely moves our debt concept. As we could start doing this, outlined by another voice of conscience in this arena, David Greber. Almost 15 years ago he published Debt: first 5000 years. One of the final texts of this subject, it analyzes how the most stratified societies are also those who are most fixed on economic commitments. Though he died suddenly In 2020 his great job Fundamental request Until now, we are persecuted: “What, just that, does it mean that our sense of morality and justice is reduced to the language of the business transaction?”
Today if our main manufacturer continues to destroy alliances in the name A Monomamanical emphasis on deficitResistance can start with people who simply take a GRAVER. Instead of obsessed with those who owe us, we are obliged to find a new way of communication with each other, the one who exchanges a deal for trust.
Chaos and the cruelty of the Trump administration reach new lows each week.
Trump’s catastrophic “Liberation Day” was inflicted by the world economy and created another constitutional crisis at home. Civilian officers continue to abduct the university students from the streets. The so-called “opponents” fly abroad in a mega-tour against the ruling of the courts. And SignalGate promises to become the first of many incompetence scandals that expose violent violence at the heart of the American Empire.
At the time when elite universities, powerful law firms and influential media capitulate Trump intimidation, Nation more determined than if -no one earlier to contain a powerful account.
In the last month, we have published a report on how Trump raises his mass deportation program to other countries, exposed the administration’s appeal to the laws to comply with his repressive agenda, and strengthened the votes of brave activists aimed at universities.
We also continue to tell the stories of those who retreat against Trump and Musk, whether on the streets in the growth of protest movements, in the town halls across the country or in critical state elections – for example, a recent Wisconsin Supreme Court race – which gives a model of confrontation and prove that Musk cannot acquire our democracy.
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In solidarity,
Editors
A Nation
