(ZEROHEDGE) – While Joe Biden insists that Americans are doing great – suggesting in his State of the Union Address last week that “our economy is the envy of the world,” Americans are being absolutely crushed by inflation (which the Biden admin blames on ‘shrinkflation’ and ‘corporate greed’), and of course – crippling debt.
The signs are obvious. Last week we noted that banks’ charge-offs are accelerating, and are now above pre-pandemic levels and leading this increase are credit card loans – with delinquencies that haven’t been this high since Q3 2011.
On top of that, while credit cards and nonfarm, nonresidential commercial real estate loans drove the quarterly increase in the noncurrent rate, residential mortgages drove the quarterly increase in the share of loans 30-89 days past due.
