Even though the unemployment rate is historically low, delinquencies on automobile loans have spiked to levels not seen since the 2009 Great Recession. People are increasingly failing to make payments on their vehicle loans and a horrifying number of those delinquent on their car are over 90 days past due.
No one seems to care that a government already over $22 trillion in debt is on schedule to borrow another $990 million this year. All of this is occurring as individual Americans further enslave themselves with higher debt loads and retail stores fail over the inability to pay back the money they borrowed. But there are many reasons to be concerned about government spending.
President Donald Trump is already taking flack for rolling back regulations designed to keep Americans from overextending themselves when it comes to the use of credit. But this is not actually Trump’s fault; as Americans should learn to control themselves and be responsible for the money they borrow.
In an interview with X22 Report Spotlight, a YouTube channel focused on economic news, Lior Gantz sits down to discuss the peak productivity and other problems rearing their heads in this economy. A recession is imminent, and since the United States is at their peak productivity with a tight labor market, the only option for companies to continue to profit will be to lay off workers.