<p>American household debt rose $320 billion in 2022, marking one of the highest <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">increases</a> over the past two decades and reaching the highest level since the 2008 financial crisis.</p>
<p>Households owe a combined $17 trillion as a result of their mortgages, student loans, credit cards, and auto loans, according to an <a href="https://wallethub.com/edu/d/household-debt-report/120725" target="_blank" rel="noopener">analysis</a> from WalletHub. Current debt levels are approaching the $18 trillion held by households in 2008, the year in which the American housing market collapsed, and the world was plunged into a severe <a href="http://dailywire.com/topic/recession" target="_blank" rel="noopener">recession</a>.</p>
<p>The typical American household had nearly $142,700 in debt at the end of 2022, much of which came from an average of $100,700 in mortgage debt. An average auto loan balance of $13,100 and an average student loan balance of $13,500 composed much of the remaining balance. A separate <a href="https://wallethub.com/edu/cc/credit-card-debt-study/24400" target="_blank" rel="noopener">study</a> published by WalletHub last month indicated that average credit card debt increased from $8,500 in the first quarter of 2021 to $9,300 in the third quarter of 2022.</p>
<p>The increased debt levels come as inflationary pressures continue to affect consumers. Inflation reached a 6.4% year-over-year rate as of January 2022, according to a <a href="https://www.dailywire.com/news/inflation-rises-more-than-expected-in-january-after-biden-claimed-prices-are-coming-down" target="_blank" rel="noopener">report</a> released by the Bureau of Labor Statistics last week; prices for groceries, energy, and other necessities rose even as inflation continued to fall from the 9.1% year-over-year rate recorded in June 2022.</p>
<p>Overall food inflation reached 10.1% last month, considerably exceeding the 6.4% headline inflation rate. The national average price of gasoline is currently $3.39 per gallon, constituting a 42% increase since President Joe Biden assumed office in January 2021, according to <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W" target="_blank" rel="noopener">data</a> from the Energy Information Administration.</p>
<p>During his recent State of the Union address, Biden asserted that inflation is “coming down” despite the persistently high costs for critical products. “Inflation has been a global problem because of the pandemic that disrupted supply chains and Putin’s war that disrupted energy and food supplies,” he said. “But we’re better positioned than any country on Earth.”</p>
<p>The commander-in-chief also <a href="https://www.dailywire.com/news/biden-paints-rosy-posture-on-the-economy-before-state-of-the-union-heres-the-real-story" target="_blank" rel="noopener">claimed</a> ahead of his speech that the United States had witnessed the “fastest gas price decline in eight years” and annualized headline inflation which has declined for “six months” due to his economic policies. Both assertions ignored the reality that energy costs and overall price level increases were much lower before he assumed control of the Oval Office.</p>
<p>Meanwhile, data indicate that Americans continue to spend beyond their means on some products despite the economic pressures, relying upon a combination of consumer debt and savings accumulated during the lockdown-induced recession. The average amount of debt among those who spent beyond their means during the most recent holiday shopping season rose to $1,549, marking a 24% increase from the previous year, according to a <a href="https://www.dailywire.com/news/some-consumers-financed-holiday-spending-with-record-amounts-of-debt" target="_blank" rel="noopener">survey</a> from LendingTree. The percentage of debtors who expect to take five months or more to pay off their debt rose from 28% to 37%.</p>
<p>The total level of consumer loans increased from $1.5 trillion at the beginning of the Biden administration to $1.8 trillion, according to <a href="https://fred.stlouisfed.org/series/CONSUMER" target="_blank" rel="noopener">data</a> from the Federal Reserve. The personal savings rate has dropped from 20% to slightly more than 3% over the same period, according to <a href="https://fred.stlouisfed.org/series/PSAVERT" target="_blank" rel="noopener">data</a> from the Bureau of Economic Analysis, marking a significant decline from typical rates witnessed before the lockdown-induced recession.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Household Debt Soars To Highest Level Since 2008 Financial Crisis

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Economy

Inflation

Recession

U.S.

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Household Debt Soars To Highest Level Since 2008 Financial Crisis