Two Related Economic Posts
These two posts I read today regarding the general slowing of the economy - one by bonddad from DailyKos regarding the record level of consumer debt being driven up by uncontrollable costs, like for fuel, and how the dafaults are skyrocketting, and this post from Robert Reich on his blog talking about the housing bubble "losing the fizz" and how it can have a cascade effect on the economy - he cites that ~25% of the new jobs in the past 5 years have come from home building and since there's a glut of homes on the market, those jobs will start to go away...this ties in a bit from this post I did - which is a glorified link to another bonddad post regarding the stagflation of the economy and the jobs post here.This thing's spinning down the terlet and they're raising interest rates to stave off inflation worries.
One set of staggering stats from the first link above regarding current consumer debt levels:
• Even though tougher filing laws took effect Oct. 17, the number of monthly bankruptcy filings grew by more than 300 percent between November and March, from 13,758 to 49,977, according to a June report from the Administrative Office of the US Courts.
• Foreclosures on home mortgages were up 38 percent nationally in the first quarter of 2006, according to property tracker RealtyTrac Inc.
• The average American household owes more than $9,300 on credit cards, up from $2,966 in 1990, according to Cardweb.com.
Stunning.
posted by jimboses @ 12:53 PM
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