#debt #studentloandebt #consumerism

Content note: depictions of a hospital/ medical emergency starts at 22:54, ends at 23:51.

Debt is an inescapable aspect of American life. Millennials and Gen Z have taken to social media platforms like TikTok, Instagram and X (formerly known as Twitter) to discuss their staggering 5 to 6-figure debt. From student loan debt to credit card debt to medical debt, a large segment of the American population is grappling with the debilitating anxiety that comes with being financially insecure. In this video, I dive into how America keeps its citizens in debt and what you can do to overcome this.

Sources:
Congress 2008 Recession Bailout
https://www.nytimes.com/2008/10/03/business/worldbusiness/03iht-bailout.4.16679355.html

How the Paycheck Protection Program went from good intentions to a huge free-for-all
https://www.npr.org/2023/01/09/1145040599/ppp-loan-forgiveness

Welcome to America! Now learn to be in debt
https://www.npr.org/2023/05/24/1175798797/immigrants-credit-score-credit-card-debt

Dignity Not Debt
https://www.ucpress.edu/books/dignity-not-debt/hardcover

The Making of the Indebted Man
https://mitpress.mit.edu/9781584351153/the-making-of-the-indebted-man/

Debt: The First 5,000 Years
https://warwick.ac.uk/fac/arts/english/currentstudents/undergraduate/modules/fulllist/special/statesofdamage/syllabus201516/graeber-debt_the_first_5000_years.pdf

Author Discussion on Debt
https://www.c-span.org/program/book-tv/author-discussion-on-debt/649913

Average American Household Debt Statistics
https://www.businessinsider.com/personal-finance/credit-score/average-american-debt

Household Debt and Credit
https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2024Q1

Kanye West, Tom Brady, Jared Kushner, Reese Witherspoon, other celebs had millions in PPP loans forgiven
https://www.mercurynews.com/2022/08/18/kanye-west-tom-brady-jared-kushner-reese-witherspoon-other-celebs-had-millions-in-ppp-loans-forgiven/

Consumer patriotism is the American way
https://www.vox.com/the-goods/22662889/september-11-anniversary-bush-spend-economy

New America Bank Account Study
https://www.newamerica.org/family-centered-social-policy/reports/racialized-costs-banking/evidence-from-banks-entry-level-checking-accounts/

How race impacts credit: the history and effect on lending practices
https://www.bankrate.com/personal-finance/credit/does-race-affect-credit-score/#:~:text=Even%20though%20credit%20scoring%20models,more%20often%20than%20white%20applicants.

PG&E Bailout
https://www.abc10.com/article/news/local/abc10-originals/newsom-pge-protection/103-65ca1d41-8efe-45b4-87bc-0cdecc714378

https://www.abc10.com/article/news/investigations/gavin-newsom-pge-bailout-law-written-by-firm-that-had-represented-pge/103-4ffb6304-298d-41c2-816a-a8d2a3d66026

Keywords for the algo:
Debt, overconsumption, shopping addiction, consumer credit, credit cards, credit scores, consumer debt, personal finance, U.S. household debt, lending discrimination, mortgage loans, credit history, financial responsibility, U.S. economy, debt reliance, financial literacy, generational wealth predatory lending practices,, revolving credit, economic inequality, debtok, i’m in debt, government bailouts, student loans, auto loans, american education system

Rating agency Moody’s has kept South Africa’s credit rating at a sub-investment grade of Ba2 and maintained a stable outlook. In a statement released last night – Moody’s took a decision not to downgrade the country’s credit due to strong and independent institutions such as the judiciary and the central bank, a robust, deep financial sector and a solid external position.

The rating agency has warned that the move also acknowledges chronic challenges posed by the country’s inequalities which hamper reform progress and fuel social risk, as well as persistent structural constraints on economic growth, and a relatively high and costly debt.

The latest review is seen as more cautious, last month S&P revised South Africa’s ratings outlook from stable to positive citing an improved reform programme and economic growth potential. National Treasury says it notes Moody’s latest decision. It says the government of national unity will pursue structural reforms and ease growth bottlenecks. It is also pursuing policies to achieve rapid, inclusive and sustainable economic growth.

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