In these days of inflation and shrinking bank accounts, a growing number of consumers struggle to keep up with payments.
This in turn has caused more to rely on credit cards.
According to New York Fed data, household debt jumped by $184 billion in the first quarter of the year.
And with this stark financial backdrop, we see Rep. Thomas Massie make his move.
He just dropped a bombshell, introducing the “End the Fed” Federal Reserve Board Abolition Act, HR 8421.
In his own words, Massie declared, “Americans would be better off if the Federal Reserve did not exist.”
Stay tuned for more on this bold move.
The Deep State isn’t going to tolerate this.
I just introduced “End the Fed”
Title: Federal Reserve Board Abolition Act, HR 8421Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.https://t.co/JWSaCssAJB pic.twitter.com/z8IDQ139Yc
— Thomas Massie (@RepThomasMassie) May 16, 2024
Are you or someone you know struggling?
That shouldn’t be the case because the Fed says the economy is looking strong.
Inc reports:
A growing share of consumers are falling behind on payments as they increasingly rely on credit cards and face the bite of inflation.
New York Fed data showed total household debt increased by $184 billion in the first quarter of the year.
That 1.1 percent rise from the end of 2023 brings the total amount to $17.69 trillion.
Policymakers, meanwhile, continue to talk up the strength of the economy. Over recent months, the Fed has questioned whether financial conditions are tight enough.
Evidently, “tight enough” depends on who you ask.
“Higher inflation has hurt lower income households and people who use most of their credit line much more than higher income and lower credit usage households,” Jessica Rabe, the co-founder of DataTrek Research, told me.
Credit-card delinquencies have now climbed above pre-pandemic levels, according to the central bank report.
Credit card balances overall are 13 percent higher compared to one year ago
Roughly 8.9 percent of credit card balances moved into delinquency status in the first quarter
About one in five Americans maxed out their credit cards in the first quarter
These levels haven’t been seen since the Great Recession, though the trend has been snowballing for some time.
There is absolutely no reason the most powerful country in the world should by borrowing money from a private institution who also happens to be bribing all out politicians so the scam doesn’t end.
End inflation. It’s time to END THE FED
— Wall Street Apes (@WallStreetApes) May 16, 2024
Whenever previous men have tried to take their country off of the central bank system, it always resulted in, well, let’s just say upheaval.
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered. I believe that banking institutions are more dangerous to our Liberties than standing armies. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson 1802
Here’s a glimpse at the origins of the Fed.
