Cheap Labor

JM Ashby
Written by JM Ashby

(Cartoonist - Nick Anderson)

In other news, U.S. consumer debt increased to a record $13.5 trillion during the fourth quarter of 2018. Mortgage debt is back to pre-2008 crisis levels.

The household debt and credit report, published Tuesday by the Federal Reserve Bank of New York, showed that the overall debt shouldered by Americans edged up to a record $13.5 trillion in the fourth quarter of 2018.

While mortgage debt, by far the largest slice, slipped for the first time in two years, other forms of borrowing rose including that of credit cards, which at $870 billion matched its pre-crisis peak in 2008.

Meanwhile, auto-loan delinquencies also reached the highest level since 2012 during the fourth quarter of 2018. Some 7 million Americans are at least 90 days behind on car payments.

Finally, Qatar's sovereign wealth fund, the Qatar Investment Authority (QIA), says it's revamping its investment strategy so it won't accidentally give Jared Kusher a billion dollars. Again.

  • Badgerite

    “Accidentally.” Riiiiiiiight.

  • katanahamon

    Clearly the solution is to reduce and eliminate any regulations on the poor, poor banks and corporations. Then when they still go bankrupt after again raping America, it will be explained that “for the good of the country, we must bail them out again with tax dollars.”

  • Aynwrong

    I feel like the whole country is just waiting for the rug to get pulled out from under.

    God, I hope the worst for Kushner.

    • Draxiar

      It’s now a matter of when that rug gets pulled. My wife and I are super hot on getting the majority of our credit cards paid off by year’s end and what’s left after that by next years end. This is due, in part, to the oncoming recession. All of the signs are there.