Report: Consumers on Track for Record Year of Debt Repayment Before Coronavirus Hit

U.S. consumers were on track for a record year of debt repayment before the coronavirus shutdown, according to a new 2020 Credit Card Debt Study published by the personal-finance website WalletHub.

Consumers entered 2020 owing more than $1 trillion in credit card debt after a $76.7 billion net increase during 2019. By the end of March, however, they posted the largest first-quarter credit card debt paydown – $60 billion – since at least 1986.

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Pew Report: Expect Increase in Debt Collection Lawsuits, Debt Collectors Seizing Stimulus Checks

A new report published by Pew Charitable Trusts suggests that with the increase of debt collection lawsuits, “debt collectors may seize $1,200 coronavirus checks intended for household expenses.”

Before the coronavirus restrictions began, American household debt had already increased by $1.5 trillion between 2008 and 2019. As debt increased, so also did an aggressive approach made by creditors and third-party firms to use state civil courts to pursue collections through debt claims, Pew says.

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New American Populist Founder Jeff Webb Discusses His Recent Townhall Op-Ed ‘Giving the Financially Mismanaged States a Bailout is Morally Reprehensible’

Live from Memphis on the newsmakers line Thursday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m.– Leahy was joined by the New American Populist Founder Jeff Webb.

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Senator Marsha Blackburn Says China Should Waive Some of U.S. Debt After COVID-19 Outbreak

This week Sen. Marsha Blackburn (R-TN) said China should waive some of the United States’ $1.08 trillion debt for inflicting COVID-19 upon this country and other parts of the world.

Blackburn said this while appearing on The Jeff Poor Show out of Huntsville, Alabama.

“One of the things is my Senate resolution 553 which expresses the sense of the Senate that we know this came from Wuhan, China, and that they hid the information and were not transparent, that they blocked the World Health Organization and the CDC from coming in to help. They tried to blame it on the U.S. military. We hold them accountable, and I will tell you I think that we need to look at the fact that China owns over $1 trillion of our debt,” Blackburn said.

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Commentary: Deficits Are Secondary to What You’re Paying For

US Capitol

“I am not worried about the deficit,” Ronald Reagan famously said. “It is big enough to take care of itself.”

If you pay attention to the libertarian purists, President Reagan earns mixed reviews on his economic policies. After all, in 1983, the federal budget deficit exceeded 6 percent of GDP. But Reagan was untroubled by federal budget deficits for at least two reasons, and in both cases he has been vindicated by history.

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Federal Report Says Millennials Are Poorer Than Other Generations

by Ryan McMaken   One of the challenges in looking at income and wealth data is getting a sense of how different demographic groups are affected. It’s relatively easy to find median income and wealth data over time for the entire population, for example. But then problems of interpretation immediately…

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Commentary: Trump, Reagan, and Big Government

Ronald Reagan, Donald Trump

by Jeffery Rendall   As I strolled through the excellent and memory-provoking exhibits at the Ronald Reagan Presidential Library (in Simi Valley, CA) the other day I was struck by how similar President Donald Trump’s approach to today’s politics is to the way Ronald Reagan handled the subject a half…

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Commentary: The Ticking Fiscal Time Bomb Set in 1937 Could Tip America Into Despotism by 2030

US Flag

by Robert Osburn   Celebrated this past July 4, America’s founding story of freedom is truly remarkable: unity, courage, integrity, and national integration (incorporating people from around the world). In most other places, the freedom story is bloody, exclusive, and, ultimately, tyrannical. Take Nicaragua, for one example: In 1979, the Sandinistas…

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Metro Nashville Faces Reality of Heavy Borrowing in $34 Million Revenue Shortfall

John Cooper

Surprise! Nashville is growing skyscrapers and other developments at an ever-increasing rate yet faces a $34 million revenue shortfall. Councilman-at-large John Cooper, who is on Metro’s Budget and Finance Committee says Nashville’s revenue continues to grow faster than most cities, to the tune of a couple billion dollars, NewsChannel 5…

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Commentary: Swamp Creatures Stir to Life as Big Spending Sparks Bipartisanship

Any time you hear Washington talk about bipartisan agreement, America, grab your wallet and run! Once again, lawmakers in Washington have finally cut through all the thorny brambles of partisanship and discovered (yet again! yippie!) something they can all agree upon: spending scads and scads more of other people’s money…

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