Armstrong Economics- The Second-Largest Contributor to US Private Debt
The Federal Reserve Bank of New York’s data shows that auto loans have surpassed student loans, becoming the second-largest debt burden for U.S. consumers. Auto loan debt has reached $1.582 trillion, exceeding the $1.569 trillion in student loan debt. This surge in auto loan debt is attributed to rising vehicle prices, leading consumers to take out larger loans at higher rates.
Not to worry Joe Biden is on it.
At the same time, the government is moving full speed ahead to reach their target of 50%+ EVs by 2030. Thousands of auto dealers have penned the Biden Administration to explain how this policy is significantly hurting their business. The public is drowning in debt over mostly gas-powered purchases, and EVs are significantly more expensive to purchase and maintain.
Klaus has other ideas…
The World Economic Forum is in partnership with global governments to end private car ownership by 2050. Owning a car is becoming an increasing luxury. Insurance costs could be a topic for another time as most states have seen their premiums skyrocket. Major cities around the globe like London and New York City are implementing congestion and traffic taxes as well.
Take a hike, Klaus.
My OLD Tacoma is a necessity, not a luxury.
Paid off a decade ago and I intend to drive it till I drop.
stevie – I can foresee both Biden and Trudeau declaring a national climate emergency right before their next elections. They have to save the planet and they have to save democracy (by imposing martial law). Don’t worry about consumer debt. That’s an outdated concept…
As a young man … all I ever wanted was a fancy-schmancy automobile. Something low and fast would be nice. And I was willing to mortgage my future for such a depreciating luxury.
Then … I grew up. And grew wise. Now … I keep my automobiles as long as is economically feasible. And thanks to great advancements in automobile technology … they are lasting longer and longer. So what? I’ll never own an automobile with a giant touchscreen on the dashboard. Meh. Don’t care. Just a waste of valuable $$$ resources.
And auto theft is the highest it’s ever been. I miss the days when corporations and governments pretended their customers and citizens mattered.
Until voters expect politicians to enact appropriate legislation respecting crime in general and vehicle theft in this paricular case, you won’t see any improvement. There’s too much misplaced sympathy happening in these modern days. Look at recreational drug use for example.
“Car manufacturers are focused on producing cars of the future rather than autos that fit the budget and lifestyle of the middle class.”
Oh dearie me. What future?
“The World Economic Forum is in partnership with global governments to end private car ownership by 2050.”
2050? The joke’s on the Elders of Davos. In most of the territory they control, there’s not going to be a 2050. Certainly not one where many people could afford a car at all, if they were anywhere to be found.
The only genuine growth industries in the Empire of Mammon are death, Islam and insanity (including homosexuality and transsexuality and pedophilia). The Elders’ debt- and wage-slaves are so miserable for want of an actual purpose in life that they’ve stopped reproducing. And who can blame them?
But please, tell us again how paranoid and bloodthirsty the Zionists are. Never mind that they, alone among the nations of the civilized world, actually see a point in having children.
The World Economic Forum is in partnership with global governments to end private car ownership by 2050
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What do I win? That’s the primary purpose of an unfeasible EV forced market.
Reality? or reality with a gun and a boot on the neck and face of humanity.
Uh….Who put “Klaus” in charge of the world?
Yuval Noah Harari
I’d be nice to have property rights in Canada. Banning the use, and planning for a “buyback” of firearms is a good test run to establishing precedent. You may want to keep your car forever, like Cuba, but what are you going to put in it when they get rid of gasoline?
Harness a team of politicians to pull it around and whip them to keep up their pace and moral.
All conjecture and speculation, or spit and a prayer. There isn’t enough lithium on the planet to supply the required batteries, and there will never be enough wind or solar farms to charge them so why are we being fed this fairy tale by our politicians? Have we really eliminated critical thinking from society? If we were so concerned about the use of fossil fuels all of the political class would be riding in VW ‘bugs’ and Ladas and flying in helium filled balloons to their international conferences. The recent COP28 meeting in Dubai is the shining example of why fossil fuels will still be powering the planet in 2050. Take a look at pictures of Dubai from pre 1940 and look at what it looks like today. This example is only one of hundreds of cities that now exist in the Mid-East due to fossil fuels. All of the countries in the Middle East are dependent on one thing, exporting oil. Without oil we’ll revert back to ….. what exactly?
I have yet to see an operable cell phone, laptop, or TV set manufactured from hemp. Once there is no need for oil for vehicles, will they continue to pump oil for the tech industry, or even to pave roads?
After all the insane and terminally stupid assume room temperature we will resume using fossil fuels and growing adequate food and prosperity will return.
Not to worry, the Biden-mandated interlocks of 2025 will increase car prices by another $3-5,000.
Quite literally. It’s an amazing car. Somehow they’ve held their value. Probably because a new battery is only $200, not $20,000. Thanks for asking Francisco!
All kidding aside, check it out on usedvictoria. Good ol’ manual from 2004 with 228K on it and is priced at $4,500 OBO. Ended up with a free truck which has a lot more utility rurally.