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Thread: Personal Loans are "growing like a weed"

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    Default Personal Loans are "growing like a weed"

    Just like what happened after the last Conservative Tax Cut, borrowing ramped up following the tax cut.

    So the tax cut did not put more money into people's hands, nor did it raise wages.

    Instead, it did what it always does; increases debt.

    Consumers are going deeper into debt using personal loans
    All three credit agencies report double-digit growth in these unsecured loans
    In addition to student loans and credit cards, personal loans have now become something of concern to economists. Consumers have used these unsecured loans to go on a spending spree lately.
    https://www.consumeraffairs.com/news...ns-112219.html


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    Quote Originally Posted by LV426 View Post
    Just like what happened after the last Conservative Tax Cut, borrowing ramped up following the tax cut.
    Tax cuts have NOTHING to do with personal borrowing dumbass.

    Quote Originally Posted by LV426 View Post
    So the tax cut did not put more money into people's hands, nor did it raise wages.
    Do you have something more substantial to back that up than, because you say so? Moron.
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    All tax cuts do is cause debt. That's why they're Conservative policy. Conservatives deliberately manufacture budget crises with their tax cuts, then use those crises as an excuse to extract punitive spending cuts on those they sanctimoniously judge.

    Meanwhile, the GOP and Trump just spent $30B buying the votes of farmer trash whose businesses they ruined with their Trade War.
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    Consumers have used these unsecured loans to go on a spending spree lately.
    excellent.
    consumers do not borrow for shopping in a bad economy, they hoard and don't shop.

    Wages are up (skewed) more for lower incomes then da rich. Consumer confidence is awesome
    Unemployment at record lows -including women and minorities. Trump's economy is booming for all

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    Quote Originally Posted by LV426 View Post
    All tax cuts do is cause debt.
    Explain.

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    Quote Originally Posted by anonymoose View Post
    Explain.
    Be prepared for mindless babble....

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    Quote Originally Posted by dukkha View Post
    excellent.
    consumers do not borrow for shopping in a bad economy, they hoard and don't shop.
    Consumers borrow because they don't have wages high enough to participate in the economy.

    This is basic economics that you're failing.


    Wages are up (skewed) more for lower incomes then da rich.
    No they're not. This is another lie. If wages were up, then borrowing would go down because people would be spending their wages instead of borrowing.

    There's a reason every economist warns of debt bubbles.


    Unemployment at record lows -including women and minorities. Drumpf's economy is booming for all
    GDP last quarter: 1.9%

    That's "booming"?
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    Quote Originally Posted by anonymoose View Post
    Explain.
    Tax cuts result in spending cuts on essential services to close deficits that come from a decline in revenue, which forces consumers to borrow more in order to meet costs.

    Take tuition for instance...

    Kansas cut taxes in 2012 and the result was the elimination of the budget surpluses and the creation of deficits. To balance the budget thrown out of whack by tax cuts, Topeka cut funding to the State College System, which resulted in increased tuition costs, which results in increased student loan borrowing.

    Most Americans don’t realize state funding for higher ed fell by billions
    https://www.pbs.org/newshour/educati...ll-by-billions
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    Quote Originally Posted by LV426 View Post
    Consumers borrow because they don't have wages high enough to participate in the economy.This is basic economics that you're failing.
    consumers aren't going to go into debt just for consumer spending. If the economy was bad they would be pulling back on spending!
    Instead they are so confident they are taking out car loans, housing etc, at a record pace - confident they can pay it back and spend now

    No they're not. This is another lie. If wages were up, then borrowing would go down because people would be spending their wages instead of borrowing.
    Workers at the lower end of the pay scale finally are getting the most benefit from rising wages
    https://www.cnbc.com/2019/03/13/work...ing-wages.html

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    Quote Originally Posted by dukkha View Post
    consumers aren't going to go into debt just for consumer spending.
    Yes, they are. That is exactly what those personal loans are for.
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    Quote Originally Posted by dukkha View Post
    If the economy was bad they would be pulling back on spending!
    They're not pulling back on spending because of the ease by which they can get these unsecured personal loans, moron.


    Workers at the lower end of the pay scale finally are getting the most benefit from rising wages
    THANKS TO MINIMUM WAGE INCREASES.

    In 2019, 19 states raised their MW.
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    Quote Originally Posted by dukkha View Post
    Workers at the lower end of the pay scale finally are getting the most benefit from rising wages
    Only because 19 states raised their minimum wage in 2019, and 19 states raised their minimum wage in 2018.

    You're a joke here, by the way.
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    Quote Originally Posted by LV426 View Post
    Only because 19 states raised their minimum wage in 2019, and 19 states raised their minimum wage in 2018.

    You're a joke here, by the way.
    it's across the board at ALL percentiles and ALL sectors ALL skill levels, not just minimum wage.
    HA HA -more voodoo economics from you. what a waste case.

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    Quote Originally Posted by Sailor View Post
    Be prepared for mindless babble....
    Oh, I am.

    Quote Originally Posted by LV426 View Post
    Just like what happened after the last Conservative Tax Cut, borrowing ramped up following the tax cut.

    So the tax cut did not put more money into people's hands, nor did it raise wages.

    Instead, it did what it always does; increases debt.
    Quote Originally Posted by LV426 View Post
    All tax cuts do is cause debt. That's why they're Conservative policy. Conservatives deliberately manufacture budget crises with their tax cuts, then use those crises as an excuse to extract punitive spending cuts on those they sanctimoniously judge.
    Quote Originally Posted by LV426 View Post
    Consumers borrow because they don't have wages high enough to participate in the economy.

    This is basic economics that you're failing.

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    Quote Originally Posted by LV426 View Post
    All tax cuts do is cause debt.
    That's another lie filled claim dumbass. Prove that tax cuts cause debt.
    "When government fears the people, there is liberty. When the people fear the government, there is tyranny."


    A lie doesn't become the truth, wrong doesn't become right, and evil doesn't become good just because it is accepted by a majority.
    Author: Booker T. Washington



    Quote Originally Posted by Nomad View Post
    Unless you just can't stand the idea of "ni**ers" teaching white kids.


    Quote Originally Posted by AProudLefty View Post
    Address the topic, not other posters.

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