US Family Average Debt and Expenses..?!!

HOLY COW, THIS ARTICLE has very interesting facts about credit card debt and expenses for Americans today compared to give or take 10 years ago.


From the article:  “Although the economy is improving, wage growth is sluggish. As a result, “Americans are increasingly worse off every year,” said Sean McQuay, Nerdwallet’s credit card associate.”


“Medical expenses jumped the most, up 57 percent since 2003, while the cost of food rose 36 percent and housing increased 32 percent.”

THAT’s a LOT, isn’t it?


Our National Debt it something like $20 TRILLION now….can we improve that without giving up on helping anybody in need??



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9 Responses to US Family Average Debt and Expenses..?!!

  1. bocopro says:

    Paying down a $20 Trillion debt with our entrenched entitlement system simply isn’t mathematically possible. In fact, we are in a monetary situation similar to Germany’s after the Treaty of Versailles, the only difference being that our inflation rate isn’t hyperbolic.

    About 40% of our debt is internal, held primarily by US banking systems or government non-negotiable liabilities. Another 35% or so is held by foreign nations, China being the biggest with around 8% and Japan with 7%. I forget where exactly the rest goes, but it’s spread out amongst a variety of concerns.

    Hitler struck upon an ingenious scheme for unburdening Germany of its war debt, which was several times larger than the entire worth of all the country’s assets: he simply refused to pay it. Looking at the problem logically, that’s about the only way we’d ever solve our own problem.

    The self-feeding monster could be cut down by half overnight by simply saying, as many who owed us after WWII did and several nations are doing today for loans issued by the EU — “Hey, we ain’t got the dough, so get off our back.”

    As for the internal portion, specifically entitlements, we simply MUST incrementally raise age-eligibility requirements and trim benefits. Social Security and MediCare have to be slowly raised to at least 72, and health care has to undergo draconian cuts, beginning with tort reform and fraud elimination.

    Am I oversimplifying it? Sure. But, in reality . . . . . Sorry, folks . . . no other possibilities exist.


  2. fredd says:

    Our ‘needs’ are as a country consist mainly of redefining who we consider ‘in need.’ All of these fakers who are on disability suck enormous amounts of money from tax payers. Hundreds of billions if not trillions. Kick them off the dole immediately. Then there’s the chronically out of work, because they are better off taking the government hand outs than they would be working. Another hundreds of billions if not trillions. Kick those guys off the dole, too. Then of course the illegals both within and beyond our borders who are sucking entitlement checks, hundreds of billions, perhaps a trillion. Just shoot these people, they are simply invaders.

    Essentially, fraud is killing us economically. A trillion here, a trillion there, eventually it adds up to real money. Get rid of the fraud, we’re in the pink. Overhaul entitlements, we’re rocking and rolling. Overhaul the IRS and change the tax system, we’re, like Ralph Cramden would say, ‘to the moon, Alice.’


  3. cube says:

    The entitlements are out of control and have been for a long time. As fredd mentioned, fraud, whether it is because of the fake disabled, the chronically unemployed, and the illegals, it is hurting our economy.

    We own a small business which, before 2008, grew at an very good clip every year. It still managed to grow every year since, but at a markedly smaller percentage than it did before the big bust. Meanwhile expenses have risen almost beyond belief with insurance costs leading the pack and not just in health care, but in business liability, workers comp, umbrella policies, auto, home, life, etc.. Tuition costs have also outstripped increases in wages. It’s no small wonder the level of debt some people carry.

    Zippy’s administration is leaving much economic turmoil for Trump to fix, but if anybody can begin to alleviate the situation, it’s Trump.


  4. Mal says:

    You begin by questioning every expense, like Trump did recently with Boeing. It starts there and continues throughout all of government, which needs to be drastically cut back, too. Spending is totally out of control. Also, as Bocobro pointed out, tort reforms and fraud eliminations.
    Juries have been awarding insane amounts to people that were harmed by an accident or from medical malpractice because they felt sorry for them. They don’t realize the insurance company doesn’t eat it; THEY do via higher insurance premiums. I don’t have all the answers, but feel Trump is probably one of the few individuals with any chance to get us back on track.


  5. Kid says:

    I don’t see us paying down the debt. We willl have to default on it and/or monitize(print money to pay it down) a bunch of it.

    I’ve read where qualified people such as retired generals say 50% of the DOD costs are fraud. Ditto Medicare. Not hard to believe as the federal government is incompetent and greedy.

    I agree with all the comments above as to what improvements can be made but ‘fixing it’ is unlikely.


  6. Bob says:

    The only way we can get rid of all the debt is to grow out of it. As a nation, Trump has the right prescription. As individuals, we must have higher incomes, at least surpassing inflation, to turn that corner. Today, I received a Social Security Administration notice that my SS benefits would increase by 0.3% next year which might buy me a cup of Starbucks coffee per month. I am glad my debt is under some semblance of control.

    That’s not so bad when juxtaposed with the average family that is not getting an increase in income, and whose relative income has decreased over the last decade.

    In his comment above, Bocopro advocated that the SS benefit age should be raised from 66 yr., incrementally to age 72. From an actuarial standpoint this may be accurate, but from a human point of view will be a disaster. I was virtually kicked out of the work force in my 60’s, as were many others my age. So, what does a person do for income between the early 60’s and age 72? I understand that there’s lots of competition for those Walmart greeter jobs.

    It’s a tough life and we have to make do with the situation dealt us. I am very fortunate, but there are millions of others that have not had my degree of moderate success in life. Increasing the SS benefit age is just robbing Peter to pay Paul.


  7. Mal says:

    Bob, my wife and I received our S/S notice for 2017 a few days ago, too, but even the little 0.3% “increase” was taken away by an increase in the medicare deduction, which ends up giving us exactly what we had this year. This makes 4 times out of Obama’s 8 years we got 0 increase, and the other 4 years were very small. Funny, he spread our money around like water for everyone and everything else…….and this is OUR money that we were compelled to “contribute”.


  8. Mal says:

    Trump would impress the hell out of me by retroactively increasing it right after he gets in, but sure he won’t. What will he do for 2018?


  9. Bocopro, was it Lyndon LaRouche who advocated dumping debt?


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