U.S. consumer debt jumped by $40 billion in February 2022, an annual increase of 11.3 percent and a new high

Percent change of total consumer credit, seasonally adjusted at an annual rate, March 2002-February 2022. Debt levels jumped by nearly $42 billion to a total of almost $4.5 trillion, an annual increase of 11.3 percent, seasonally adjusted, which set a new high and far outperformed economists’ expectations. In January 2022, total credit had grown only 2.4 percent. Graphic: U.S. Federal Reserve Board

April 18, 2022

U.S. consumer debt jumped by $40 billion in February 2022, an annual increase of 11.3 percent and a new high

By Anneken Tappe 7 April 2022 NEW YORK (CNN Business) – Americans got into a lot more debt in February as rampant inflation kept up the pressure, the Federal Reserve’s consumer credit report showed Thursday. Debt levels jumped by nearly $42 billion to a total of almost $4.5 trillion. That’s an annual increase of 11.3%, seasonally adjusted, far outperforming […]

Thousands of Sri Lankans demonstrate against President Gotabaya Rajapaksa in Colombo, Sri Lanka, on 9 April 2022. Protesters demanded Rajapaksa’s resignation, saying neither he nor members of his family could be trusted to steer the country out of its deepening economic crisis. At the Galle Face Green on Colombo’s waterfront on Saturday, students, teachers, lawyers, actors and architects – many of whom said they were protesting for the first time – chanted “madman Gota” and “Go home Gota”, in a reference to the president’s nickname, as they gathered under a blistering sun. Photo: Al Jazeera

April 13, 2022

Drugs running out, surgeries cancelled as Sri Lanka’s health system buckles – “This will result in a catastrophic number of deaths”

By Devjyot Ghoshal and Uditha Jayasinghe 12 April 2022 COLOMBO, Sri Lanka (Reuters) – Rosanne White was first diagnosed with cancer eight years ago and lost a kidney. After the cancer returned five years ago, an oncologist in Sri Lanka’s commercial capital Colombo started her on Bevacizumab last May, a treatment she was responding to. […]

Afghan children play in the mud at an unofficial camp for internally displaced people in Herat, Afghanistan, May 2021. Photo: Charlie Faulkner

April 4, 2022

Devastated by worst drought in decades and economic turmoil, many in Afghanistan near starvation – “It is the speed, scale and source of the crisis that is so extreme”

By Holly Rosenkrantz 3 April 2022 (USA TODAY) – Afghanistan has faced grave hunger crises before. Two decades ago, people in the country were so hungry they resorted to eating wild grass. But the situation in the country now is unprecedented. Exacerbated by an unusually cold winter and the worst drought in decades, the economic […]

A woman uses a candle inside her house during a power cut in Colombo, Sri Lanka, on 30 March 2022. Many parts of the crisis-hit country faced up to 13 hours without electricity due to a shortage of foreign currency to import fuel. Photo: AFP

April 3, 2022

Power cuts in Sri Lanka could continue into May 2022 – Nation experiencing worst economic spiral since independence in 1948

COLOMBO, 31 March 2022 (The Straits Times) – Sri Lanka’s power minister said on Thursday (31 March 2022) that power cuts could continue into May, as many parts of the crisis-hit country currently face up to 13 hours without electricity due to a shortage of foreign currency to import fuel. Pavithra Wanniarachchi said that a […]

Futures prices of West Texas intermediate crude oil and lithium, May 2021-March 2022. Graphic: Bloomberg

March 29, 2022

A world that’s more expensive is starting to destroy demand – “A renewed spike in gas prices would see demand destruction become more widespread”

By David R Baker, Allison Smith, and Sheela Tobben 27 March 2022 (Bloomberg) – Prices for some of the world’s most pivotal products – foods, fuels, plastics, metals – are spiking beyond what many buyers can afford. That’s forcing consumers to cut back and, if the trend grows, may tip economies already buffeted by pandemic […]

Lismore, Australia residents Tim Fry and Zara Coronakes and son Ezekiel stand outside the remains of their flooded home on 11 March 2022. Photo: Jason O'Brien / AAP

March 27, 2022

After the Australia floods, the distressing but necessary case for managed retreat – “Is it fair for taxpayers to carry the huge burden of paying for future rescue and relief costs?”

By Antonia Settle 13 March 2022 (The Conversation) – From Brisbane to Sydney, many thousands of Australians have been reliving a devastating experience they hoped – in 2021, 2020, 2017, 2015, 2013, 2012 or 2010/11 – would never happen to them again. For some suburbs built on the flood plains of the Nepean River in […]

Generational wealth gap in the United States, 1989-2020. In 1998, the American population under 40 years old held 13.1 percent of America’s total wealth. In 2020, those under 40 hold only 6 percent of the total wealth. This means that millennials and Generation X own less than half of the wealth that older generations owned when they were the same age. Graphic: Self Financial, Inc.

February 19, 2022

Graph of the Day: Generational wealth gap in the United States, 1989-2020

20 December 2021 (Self Financial) – In 2021, the average net worth in an American household aged 64-75 reached over $1.2m [1], while the average household under 35 had a net worth of just $76k. With these massive generational wealth gaps, Self decided to dig deeper into the historical wealth distribution of different generations to understand […]

Estimated economic impacts of unmitigated climate change on seven geographical regions in the United States. Over the next 50 years, climate change-induced economic losses in the U.S. could total approximately $14.5 trillion in present-value terms. Graphic: Deloitte

February 7, 2022

Climate change-induced losses in the U.S. could total $14.5 trillion by 2070 – “In a climate-damaged world of 2070, the U.S. could lose nearly 4 percent of GDP in that year alone”

By Rachel Koning Beals 26 January 2022 (MarketWatch) – Definitive and deliberate climate action from Wall Street to Washington and beyond could deliver a $3 trillion gain to the U.S. economy over the next 50 years to 2070. But it’s the toll of inaction that would cost the nation nearly five times that amount, a […]

Infographic showing statistics from Oxfam’s annual inequality report, “Inequality Kills”, which in 2021 found that inequality is contributing to the death of at least 21,000 people each day, or one person every four seconds. Meanwhile, a new billionaire is created every 26 hours. Graphic: Oxfam

January 19, 2022

Oxfam report: Inequality Kills – Inequality contributes to the death of at least one person every four seconds, while a new billionaire is created every 26 hours

By Elizabeth Endara 17 January 2022 (Oxfam) – Ahead of the Davos Agenda—the World Economic Forum’s virtual State of the World sessions—Oxfam released our annual inequality report, Inequality Kills, which found that inequality is contributing to the death of at least 21,000 people each day, or one person every four seconds. Meanwhile, a new billionaire is […]

Deaths from overdoses, alcohol use, or suicide in Washington state, 2015-2020. Nearly 3,900 Washingtonians died from “deaths of despair” in 2020, an increase of almost 600 since 2019. Graphic: Mark Nowlin / The Seattle Times

January 11, 2022

“Deaths of despair” spiked in Washington state in 2020, exceeding deaths from COVID-19

By Gene Balk 10 January 2022 (Seattle Times) – They’ve come to be known as “deaths of despair” — fatalities from drug overdoses, alcohol use, and suicide. Research has shown they’ve been on the rise for decades in the United States and have contributed to the decline in life expectancy over the last few years. Since the […]

Desdemona Despair

Category: financial collapse