Challenges include increasing part-time employment in recent months, declining household employment in three of the last four months for a net decline of 398,000 job holders, mounting public debt burdens, and declining real wages, which have fallen by 4.4 percent since January 2021.
In the latest jobs report for January, a net increase of 353,000 nonfarm jobs from the establishment survey appears robust, as it was well above the consensus estimate of 185,000 new jobs.
Total US household debt has reached unprecedented levels, with credit card debt soaring by 14.5 percent over the last year to a staggering $1.13 trillion in the fourth quarter of 2023.
Just since January 2021, Congress passed the following major spending bills upon request of the Biden administration: $2 trillion American Rescue Plan Act in March 2021 $1 trillion Infrastructure Investment and Jobs Act in November 2021 $280 billion CHIPS and Science Act in August 2022 $1 trillion Inflation Reduction Act in August 2022 These four bills will add nearly $4.3 trillion to the national debt.
At least another $2.5 trillion will be added to the national debt for student loan forgiveness schemes, SNAP expansions, net interest increases, Ukraine funding, PACT Act, and more.
In total over the past three years, excessive spending will lead to more than $7 trillion added to the national debt, which now totals $34 trillion - a 21 percent increase since 2021.
There seems to be no end to soaring debt with the recent discussions of more taxpayer money to Ukraine, Israel, the border, and the "Bipartisan tax deal," collectively adding at least another $700 billion to the debt over a decade.
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