The storyline portrayed by the MSM is that things are back to normal and the economy is improving. The charts below suggest otherwise, with another epic bubble being blown by your friends in Washington DC and NYC. Here are a few questions for the MSM talking heads:
- If housing is recovering why isn’t mortgage debt rising?
- If housing is recovering, why are mortgage delinquencies still six times higher than the long term average?
- If auto sales are booming why are auto loan delinquencies twice the long term average?
- If jobs are being created and consumers have supposedly deleveraged, why are credit card delinquencies still 20% above the long term average.
- If jobs are being created why have student loan delinquencies surged by 60% since Obama and the Feds took over the student loan market?
The truth is that the decline in mortgage delinquency rates since 2009 is because the taxpayer has eaten over $1 trillion of bad debt shifted to them by Bennie and the Wall Street banks. Credit card, revolving credit and auto loan delinquencies are higher than they were in 2009, even after billions of bad debt has been written off. And now Obama and his minions have doled out over $1 trillion of student loan debt to functionally illiterate morons who sit in their basements and realize after six months that they are too dumb to pass a University of Phoenix remedial reading course. The true delinquency rate for student loan debt is over 25%, as a large portion of the debt is still in the deferral period. The taxpayer losses on the future Obama Student Loan Bailout will exceed $250 billion. Not a Democrat will stir over this write-off, but $40 billion of sequester cost slowdowns are described as catastrophic and debilitating.
We sure are lucky that 98% of Americans think math is hard.