Former Treasury Secretary Henry Paulson issued a stern warning in last week’s Wall Street Journal: “A world-class financial system can’t exist in a country that fails to maintain the quality of its credit.”
America’s debt problem was already wildly out of control for the past 20 years, but we now face truly unprecedented additional levels of debt issued by Congress in response to the pandemic. From 2000 to 2019, the federal debt rose from $5.6 trillion to $22.7 trillion, and it is expected to top $27 trillion by year’s end, a whopping 19 percent increase this year. Another trillion in virus relief spending now seems to be at the low end of spending estimates going into 2021. Read More
More than half of the households surveyed in the four largest U.S. cities are facing serious financial problems as a result of their state and city shutdowns, a new five-part polling series conducted by NPR, The Robert Wood Johnson Foundation, and Harvard T.H. Chan School of Public Health, found. Read More
A majority of registered voters report that their personal finances are stable or improving, according to a new Just the News Daily Poll with Scott Rasmussen.
Asked about their current financial situation, amid a pandemic and street protests that shuttered some retail businesses, 52% of respondents said their bank account is “about the same” as it normally is, while 23% said their personal finances are “getting better.” Just 23% reported a worsening financial outlook. Read More