Category: Business & Economy

The daily rate of people aging into retirement (i.e. turning 65) will peak in 2022 at just below 12,000. Over the next two decades, about 10,000 people will turn 65 every day. This impending milestone is set to tax the resources of the Social Security Administration at a level not yet experienced in the system’s 84-year-existence.

The net worth of millennials (18- to 35-year-old) has collapsed 34% since 1996, according to a new, shocking report from Deloitte. Millennials are financially worse off than any other generation before them. With student loans, auto and credit card debts, rising rents, and out of control, health-care costs have pushed their average net worth below $8,000.

The Consumer Financial Protection Bureau (CFPB) under the Trump administration, has published a Notice of Proposed Rulemaking (NPRM) to amend the Fair Debt Collection Practices Act (FDCPA). The CFPB’s proposal would change Regulation F to direct Federal rules overseeing the activities of debt collectors. The new proposal would allow debt collectors to call consumers as frequently as seven times per week and be permitted to start sending emails and texts.

All the economic shell-gaming that has been happening since the 2008 crash may finally be coming to a head for the American Auto Industry. Interest rates can’t be kept low to no anymore and car loans can’t be extended much more, either. More than 4.2 million new cars are stacked up unsold as of this month – which is an alarming half-million more cars than were stacked up before. Why? Because people can’t afford to buy new cars. For many, the difference between a $399 per month payment and a $475 per month payment (or whatever the amount depending on the buyer/car) is causing people to hesitate where they previously would have signed the paperwork.

So much for months and months of constant leaks, headlines, tweets, and press reports that US-China trade talks are going great. Just after noon on Sunday, President Trump tweeted that 10% tariffs paid by China on $200 billion in goods will rise to 25% on Friday.