Not everybody is benefiting from this booming economy
Low unemployment rates, rising wage growth, a relentless bull market — by many measures, the good times are rolling. Just ask President Trump, who is glad to take credit for “the greatest economy in our nation’s history.”
“One group of consumers is doing well. They have rising incomes, and they can afford the surging home prices, the surging health-care costs, and the surging new-vehicle prices,” he wrote. “There are other consumers whose incomes have not budged much. They have jobs but are living paycheck to paycheck, and not because they’re splurging but because, at their level of the economy, prices of basic goods and services have run away from them.
As Richter’s numbers on the chart show, the rate of credit card balances that are 30 days or more delinquent at the 4,500 or so commercial banks that are smaller than the top 100 banks spiked to 7.05% in the fourth quarter, the highest delinquency rate in the data going back to the 1980s.Richter explained that the big banks use generous offers to go after consumers with high credit scores. “Their special offers rope in the lion’s share of consumers with top credit scores,” he said.
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