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Washington Post: "Seven Ways A Recession Could Be Good For You Financially." (9/29/22 23:57 PST) (1 Viewer)

GordonGekko

Footballguy
Direct Headline: 7 ways a recession could be good for you financially

Hey, a recession isn’t all bad news. Here are seven silver linings.


By Michelle Singletary September 28, 2022 at 7:00 a.m. EDT

1. Housing prices may finally come down to reasonable levels. The average rate for a 30-year fixed mortgage jumped to 6.7 percent this week, according to data released by Freddie Mac.
Higher mortgage rates may result in sellers in many markets lowering their asking prices so that buyers can qualify for the loans.
With cheaper loans gone, there will be fewer bidding wars to drive up home prices.

2. Savings rates are up. At least one bright side of the Federal Reserve raising rates to fight inflation is banks are paying people more to hold their money. My credit union has a special 20-month offer on a certificate that would pay me a 3 percent annual percentage yield.

“Many prospective savers may not have yet noticed that yields have been on the rise,” said Mark Hamrick, senior economic analyst and Washington bureau chief for Bankrate.com.

Be sure to shop around, Hamrick said. “Why leave money on the proverbial table when you can have it in your account? The key is making it a priority to have access to funds when and if an urgent development occurs,” he said. By the way, no, you shouldn’t stop contributing to your retirement plan. Historically, over time, the market recovers. If you bail now, you will miss the recovery.

3. I bonds inflation rate might go even higher. The Series I Savings Bond was created as a hedge against inflation. Until the end of October, the bonds are paying 9.62 percent.

There are two components to the return for an I bond — a fixed rate and the inflation rate. The fixed rate, which right now is zero percent, applies for the 30-year life of the bond.
The fixed rate of newly purchased bonds and the semiannual inflation rate are announced by the Treasury Department each May and November.
If inflation stays high, I bonds could be paying more come November. Individuals can purchase up to $10,000 in electronic I bonds in a calendar year.

4. The dollar is king. Although a lot is in flux, if you have plans to travel overseas, your dollar may go a lot further. This week, the British pound fell to an all-time low against the dollar.

5. Unemployment is still relatively low. People with jobs and money to spare can spend on luxuries such as a vacation.

Despite higher prices and rising interest rates, millions of Americans have been taking leisure trips.
More than half of Americans plan to travel for one or both of the holidays this year, even though airfares will be 43 percent higher than last year, according to Hopper, a travel booking app.

However, the unemployment rate did rise to 3.7 percent, according to the Bureau of Labor Statistics. So, if you’re worried about your job security, cancel any vacation plans you might have over the holidays or even for summer 2023

6. Your used car is worth more. If you’re looking to upgrade to a newer car, and your car is in fairly good condition, you’ll get more for your trade-in.

Used car and truck prices jumped 7.8 percent, according to the latest data from the U.S. Bureau of Labor Statistics. Unfortunately, new car prices were up 10 percent from a year ago.

7. Student loan forgiveness is coming. Roosevelt used his executive power to wage war against the economic emergency gripping the United States.
President Biden is doing something similar by forgiving student loan debt to help struggling borrowers. Biden announced a one-time forgiveness program that will wipe out up to $10,000 in federal student loan debt and up to $20,000 for Pell Grant recipients for individuals who earn $125,000 or less per year or less than $250,000 for married couples.

https://www.washingtonpost.com/business/2022/09/28/recession-seven-silver-lining-strategies/



********

Direct Headline: Credit card debt surges as inflation pushes Americans to borrow more

Compared with one year earlier, credit card debt has increased at the fastest clip in 20 years

By Jaclyn Peiser
August 2, 2022 at 11:01 a.m. EDT

Credit card debt surged in the United States from April through June as Americans borrowed billions of dollars to continue spending in the face of growing inflation, according to a Tuesday report from the Federal Reserve Bank of New York. Credit card balances increased $46 billion in the second quarter, a 5.5 percent increase from the first quarter, and there was also an uptick in new credit card accounts. The 13 percent increase from the second quarter of 2021 to the second quarter of 2022 was the biggest such jump in more than 20 years. “Americans are borrowing more, but a big part of the increased borrowing is attributable to higher prices,” researchers for the New York Fed said in a news release.

A rise in new credit card accounts in the second quarter — 233 million — marked a high not seen since 2008, according to Tuesday’s report. But researchers for the New York Fed noted that delinquency rates for credit card debt is still relatively low. Despite a slight increase, it is still below pre-pandemic numbers. The total outstanding credit card debt rose to $890 billion in the second quarter, a $100 billion increase from the same time last year.

The increased credit card debt reflects consumers’ struggles to keep up with inflation. Stubbornly high prices on groceries, gasoline and other basic needs have changed how Americans spend their money — forgoing the clothing and technology aisles to afford household necessities.

https://www.washingtonpost.com/business/2022/08/02/credit-card-debt-inflation/



***********

 

GordonGekko

Footballguy

Direct Headline: Census Bureau: 3.8 million renters will likely be evicted in the next two months — why the rental crisis keeps getting worse​


Brian J. O’Connor
August 28, 2022

For the first time ever, the median rent in the U.S. topped $2,000 a month in June — and the increases show no sign of stopping.
Those rising rents mean that households representing a total of 8.5 million people were behind on their rent at the end of August, according to Census Bureau figures. And 3.8 million of those renters say they’re somewhat or very likely to be evicted in the next two months. The combination of soaring inflation, the end of most eviction moratoriums and rental assistance payments and an extremely low vacancy rate has pushed rents up — and many renters out.

Rents up nearly 25% since before the pandemic​

Since 2006, rents have risen faster than home prices, but at the same time, the shortage of available rental units has been steadily increasing since the Great Recession.
In the year before the pandemic, the country recorded a shortage of seven million affordable housing units for low-income renters, according to the Center for American Progress, creating a crisis that left just 37 affordable rental homes for every 100 low-income households looking to rent.
And the homes that are available are often still out of reach. Rent rates are up nearly 25% since before the pandemic, with an increase of 15% in just the past 12 months, according to the real estate tracking service Zillow. Evictions are up, too, according to the Eviction Lab at Princeton University. In August, evictions were 52% above average in Tampa, 90% above average in Houston and 94% above average in Minneapolis-St. Paul.
While the federal government has distributed the bulk of pandemic-related rental assistance grants, some states and cities have been slow to make the money available to landlords on behalf of tenants who can’t pay their rent. As of May, the National Low Income Housing Coalition reported that 12 states and the District of Columbia had distributed half of their last assistance allocation, while Idaho, Iowa and Ohio hadn’t spent any of that money. Two states — Nebraska and Arkansas — refused to accept the federal rent assistance money.

Nearly half of renters have seen rent hikes​

The annual median household income for all renters in the U.S. is about $42,500, according to Zillow, 37% lower than the national median income of $67,500.
As of early August, the Census Bureau reported that while 56% of renters had household incomes of less than $50,000, 24% of renters surveyed were paying more than $2,000 a month in rent.
Nearly half of all renters — more than 30 million people — had been hit with rent hikes in the past 12 months, with 19% paying a monthly increase of $100 to $250, 7% paying $250 to $500 more and 4% needing to find another $500 a month to stay in their apartments.
To meet higher rents, 57% of renters said they relied on credit cards, loans, savings or selling off some assets, including raiding their retirement accounts.
Despite that, 14% of renters told the survey that they weren’t completely caught up on back rent.

Rising rents hurting some more than others​

Rising rents are hitting minorities harder than others, according to a Pew Research Center analysis of census data.
Among households headed by Black adults, 58% are renters, while 52% of those headed by Latino adults rented. That compares to a rental rate of slightly less than 40% of Asian-led households and 25% for households led by non-Hispanic white adults.

https://finance.yahoo.com/news/census-bureau-3-8-million-100000978.html


**********



Do you see the disconnect and a tone deaf cheap attempt at spin by the Washington Post to try to push away the reality of why so many working class people are suffering?

As I said before, Team Blue cannot afford to lose the working class minority vote. But these are the groups being hit the hardest. How do you think they feel about being talked down to like this by the Washington Post? In effect, Singletary is driving the narrative that the real issue is the poor and those a single missing paycheck away from being homeless just don't really get it.

"Limousine Liberals" often have a dirty habit of condescending to the working class like they were a bunch of unwashed wayward serfs.

Your used car is worth more! ( And under what brutal context does that happen?)

This is how you lose elections. Lots of them.

I'll leave this here for others to discuss.
 

FairWarning

Footballguy
Unfortunately they are not losing any of them, they will always vote D. Look at how long the D’s have controlled the Cities.
 
Last edited:

FairWarning

Footballguy
8 - people are broke so we can pay them less.

9- people on social security can die off faster since they don’t vote for our agenda anyway.
 

Juxtatarot

Footballguy
I support the media’s freedom to publish articles with different slants on things. I try not to get bend out of shape because someone’s feelings might get hurt.
 

djmich

Footballguy
Such a dumb article on a number of fronts.

What’s really strange is that they are describing a bunch of things that are happening at this moment…and per the White House we’re not in a recession.

So we’re only a recession when detailing good things?

What’s silly is that if we do actually enter a recession a number of those seven things will likely no longer be true.
 

Boston

Footballguy
I support the media’s freedom to publish articles with different slants on things. I try not to get bend out of shape because someone’s feelings might get hurt.

I support the media's freedom to have a conservative or liberal bias...it is just nice when they admit that is what they are doing.
 

Juxtatarot

Footballguy
I support the media’s freedom to publish articles with different slants on things. I try not to get bend out of shape because someone’s feelings might get hurt.

I support the media's freedom to have a conservative or liberal bias...it is just nice when they admit that is what they are doing.
The idea that the article was written in some liberal conspiracy to trick readers into being less critical of the Biden administration is craziness.
 

Boston

Footballguy
I support the media’s freedom to publish articles with different slants on things. I try not to get bend out of shape because someone’s feelings might get hurt.

I support the media's freedom to have a conservative or liberal bias...it is just nice when they admit that is what they are doing.
The idea that the article was written in some liberal conspiracy to trick readers into being less critical of the Biden administration is craziness.

It is not a conspiracy...it was liberal organization defending a liberal administration...no different than Breitbart defending a conservative administration with the exception Breitbart admits who they are.
 

Juxtatarot

Footballguy
I support the media’s freedom to publish articles with different slants on things. I try not to get bend out of shape because someone’s feelings might get hurt.

I support the media's freedom to have a conservative or liberal bias...it is just nice when they admit that is what they are doing.
The idea that the article was written in some liberal conspiracy to trick readers into being less critical of the Biden administration is craziness.

It is not a conspiracy...it was liberal organization defending a liberal administration...no different than Breitbart defending a conservative administration with the exception Breitbart admits who they are.
Does Breitbart write personal finance articles?
 

Boston

Footballguy
I support the media’s freedom to publish articles with different slants on things. I try not to get bend out of shape because someone’s feelings might get hurt.

I support the media's freedom to have a conservative or liberal bias...it is just nice when they admit that is what they are doing.
The idea that the article was written in some liberal conspiracy to trick readers into being less critical of the Biden administration is craziness.

It is not a conspiracy...it was liberal organization defending a liberal administration...no different than Breitbart defending a conservative administration with the exception Breitbart admits who they are.
Does Breitbart write personal finance articles?

Why? Are those free from bias?
 

BassNBrew

IBL Representative

Direct Headline: Census Bureau: 3.8 million renters will likely be evicted in the next two months — why the rental crisis keeps getting worse​


Brian J. O’Connor
August 28, 2022

For the first time ever, the median rent in the U.S. topped $2,000 a month in June — and the increases show no sign of stopping.
Those rising rents mean that households representing a total of 8.5 million people were behind on their rent at the end of August, according to Census Bureau figures. And 3.8 million of those renters say they’re somewhat or very likely to be evicted in the next two months. The combination of soaring inflation, the end of most eviction moratoriums and rental assistance payments and an extremely low vacancy rate has pushed rents up — and many renters out.

Rents up nearly 25% since before the pandemic​

Since 2006, rents have risen faster than home prices, but at the same time, the shortage of available rental units has been steadily increasing since the Great Recession.
In the year before the pandemic, the country recorded a shortage of seven million affordable housing units for low-income renters, according to the Center for American Progress, creating a crisis that left just 37 affordable rental homes for every 100 low-income households looking to rent.
And the homes that are available are often still out of reach. Rent rates are up nearly 25% since before the pandemic, with an increase of 15% in just the past 12 months, according to the real estate tracking service Zillow. Evictions are up, too, according to the Eviction Lab at Princeton University. In August, evictions were 52% above average in Tampa, 90% above average in Houston and 94% above average in Minneapolis-St. Paul.
While the federal government has distributed the bulk of pandemic-related rental assistance grants, some states and cities have been slow to make the money available to landlords on behalf of tenants who can’t pay their rent. As of May, the National Low Income Housing Coalition reported that 12 states and the District of Columbia had distributed half of their last assistance allocation, while Idaho, Iowa and Ohio hadn’t spent any of that money. Two states — Nebraska and Arkansas — refused to accept the federal rent assistance money.

Nearly half of renters have seen rent hikes​

The annual median household income for all renters in the U.S. is about $42,500, according to Zillow, 37% lower than the national median income of $67,500.
As of early August, the Census Bureau reported that while 56% of renters had household incomes of less than $50,000, 24% of renters surveyed were paying more than $2,000 a month in rent.
Nearly half of all renters — more than 30 million people — had been hit with rent hikes in the past 12 months, with 19% paying a monthly increase of $100 to $250, 7% paying $250 to $500 more and 4% needing to find another $500 a month to stay in their apartments.
To meet higher rents, 57% of renters said they relied on credit cards, loans, savings or selling off some assets, including raiding their retirement accounts.
Despite that, 14% of renters told the survey that they weren’t completely caught up on back rent.

Rising rents hurting some more than others​

Rising rents are hitting minorities harder than others, according to a Pew Research Center analysis of census data.
Among households headed by Black adults, 58% are renters, while 52% of those headed by Latino adults rented. That compares to a rental rate of slightly less than 40% of Asian-led households and 25% for households led by non-Hispanic white adults.

https://finance.yahoo.com/news/census-bureau-3-8-million-100000978.html


**********



Do you see the disconnect and a tone deaf cheap attempt at spin by the Washington Post to try to push away the reality of why so many working class people are suffering?

As I said before, Team Blue cannot afford to lose the working class minority vote. But these are the groups being hit the hardest. How do you think they feel about being talked down to like this by the Washington Post? In effect, Singletary is driving the narrative that the real issue is the poor and those a single missing paycheck away from being homeless just don't really get it.

"Limousine Liberals" often have a dirty habit of condescending to the working class like they were a bunch of unwashed wayward serfs.

Your used car is worth more! ( And under what brutal context does that happen?)

This is how you lose elections. Lots of them.

I'll leave this here for others to discuss.

Probably not the angle that you want to discuss but this article isn't making sense.

1. Rent up 25% since pandemic. - FALSE. Housing pricing are up more that that since then.
2. the shortage of available rental units has been steadily increasing since the Great Recession. - FALSE. For many years in the 2000's apartment vacancies were so high that one month free and $1 security deposits were common.
3. Nearly 50% of renters have had rent increase in the last 12 months - SO? That seems low. With inflation close to 10% you would think that most renters would see an increase I the last 12 months.

Nothing personal as you are just linking news. I just wonder how valid these claims are. In the case of item three, it's classic spinning common sense stats to support your premise when it doesn't apply to your premise.
 

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