debt
Scroll down to see how big the national debt may get over the next few decades, and then read about how we got here. When President Joe Biden delivered his 2023 State of the Union address, Washington was drowning in a sea of red ink. The annual budget deficit was in the process of doubling from $1 trillion to $2 trillion in a single year due to some student-debt cancellation shenanigans. That year's budget deficit would become the largest share of gross domestic product (GDP) in American history outside of wars and recessions. Economists at the Congressional Budget Office (CBO) and across the ...
Reason
Sora Lee, a 34-year-old who emigrated from South Korea to the United States, has achieved remarkable success over the past decade. As of 2023, she is the Global Head of Product Marketing at Bytedance-owned TikTok, earning an impressive $400,000 annually. However, despite her professional achievements, Lee tells CNBC that her financial journey is marked by a significant financial regret: purchasing a brand-new Tesla Model 3. Career Progression and Financial SuccessLee's academic background is rooted in political science and economics, which she studied at the University of California, Berkeley....
IBTimes
The United States is full steam ahead into uncharted fiscal waters, with rapidly growing federal debt promising a choppy economic future. Candidates Joe Biden and Donald Trump have added trillions to the national debt during their recent presidential administrations, leaving America at a critical juncture that demands urgent, bipartisan action. If you read this column, you know the numbers are stark: U.S. government debt is projected to reach a staggering 122 percent of gross domestic product by 2034, far surpassing levels seen even during World War II. Not only is that a sharp rise from the c...
Reason
There's a weird little bus stop at the corner of 18th and K streets in Washington, D.C. On the inside, a ticker tallies the national debt in real time, the glowing numbers whizzing by too quickly for the naked eye. On the outside, there's a printed poster with a round number for the total debt: $34 trillion at press time. I've lived in D.C. long enough to remember when changing that poster was a special occasion. But lately I've been checking regularly on my commute, since the trillions are racking up more quickly than they used to. The ink is barely dry on the current poster, yet the folks at...
Reason
Lifestyle creep, a common issue where increased income leads to higher spending without additional savings, has significantly impacted Preston, whose annual income has doubled to $190,000 over the past five years. Despite this, he finds himself broke by the end of each month. Preston, an accountant living in Dallas, Texas, with his wife and three children, called into The Dave Ramsey Show to discuss his predicament of living paycheck to paycheck. Preston's situation reflects a broader issue in the US, where high living costs, mortgage rates, and elevated inflation and interest rates affect eve...
IBTimes
At tonight's presidential debate, President Joe Biden made the shocking claim that under his administration, "We finally beat Medicare." It's a remarkable statement from a Democratic president. One would assume Biden would want to tout his preservation of entitlement programs—given that neither party (and particularly not the Democratic party) wants to seriously tackle entitlement reform. Instead, here is the president saying he finally "beat" the largest entitlement program of them all. Odd. The best explanation for Biden's remarks is that it was a passing gaffe. In fact, later in the debate,...
Reason
Update: Article was updated to clarify purchase of used Tesla. In June 2024, Drea purchased a secondhand Tesla for her birthday, thrilled to own a prized electric car. However, she soon discovered a significant financial pitfall: she hadn't purchased gap insurance. This crucial coverage bridges the gap between a car's depreciated value and the remaining loan balance if an accident occurs and the car is written off. Drea's lack of gap insurance became a harsh reality when she was involved in an accident. Despite having standard insurance, the payout was insufficient to cover the remaining loan ...
IBTimes
Jim and Dana, both 58 and five years into their marriage, are facing significant lifestyle changes as they approach retirement. The couple is concerned about their financial future, mainly whether they have saved enough to retire comfortably. However, a shocking revelation about their finances led to a breach of trust, which came to light while planning their budget. To get their finances in order, Dana and Jim turned to Ramit Sethi's podcast, "I Will Teach You To Be Rich." As they delved deeper into financial advice from the millionaire author, Dana discovered an additional, undisclosed debt ...
IBTimes
In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike. According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending. The largest source, responsible for $145 billion of the increase, is changes to the federal student loan program th...
Reason
High interest rates and elevated inflation since the US Federal Reserve's aggressive monetary tightening campaign have translated to more missed payments and rising debt levels. Moreover, last year's average FICO credit score declined for the first time in a decade, as outstanding credit card balances transitioning to delinquencies have continued to increase since 2022. A credit score determines your creditworthiness. Lenders check your credit profile to understand how you carry and repay debt responsibly. Factors like missed payments, high utilisation of your credit balance, and applying for ...
IBTimes
閲覧を続けるには、ノアドット株式会社が「プライバシーポリシー」に定める「アクセスデータ」を取得することを含む「nor.利用規約」に同意する必要があります。
「これは何?」という方はこちら