Debt
What's It Good For?
Two interrelated crises: war and debt, are confronting the US; first, the wars in the Middle East and Ukraine, and second, the massive buildup of debt in the US (consumer debt of $18.8 trillion, corporate debt of $14.13 trillion and the federal government debt of $31 trillion).
Every day these debts transfer billions of dollars from ordinary Americans to the coffers of various financial institutions and then into the pockets of billionaires “Families today devote more income to credit card payments than at any point in history”, much of it for interest. And our taxes increasingly go, albeit indirectly, to the expenditures for the forever wars the US has been launching for more than two decades, ‘paid for’ by borrowing. (Note that “net interest payments on the U.S. national debt are projected to exceed $1 trillion in fiscal year 2026, nearly tripling from 2020 levels.” (Note: I find it interesting that much of this increase occurred during the Biden administration.)
The two articles below address the consequences of the build-up of debt. The first focuses on US consumers’ credit card debt, the second on the cuts to benefits made “necessary” by the massive expenditures for war and the interest payments on past wars. Both directly and critically impact the American working class.
Wars may not be good for children and other living things but they certainly are good for those who have their hands on the power of the US government and economy. What we are experiencing are the consequences of the buildup of Eisenhower’s military-industrial complex (MIC) … on steroids!
From Common Dreams, Mar 17, 2026, Jake Johnson
Trump ‘Too Busy Siding with Wall Street,’ says Warren as US Credit Card Debt Crisis Explodes
A new analysis shows that over 40% of all US adults are unable to fully pay off their credit cards each month, leaving them trapped in “cycles of persistent debt.”
US President Donald Trump promised repeatedly during his 2024 campaign to temporarily cap credit card interest rates at 10%, but—in the face of Wall Street opposition—he has done nothing concrete to fulfill that pledge since returning to the White House.
That failure, according to an analysis released Tuesday, has so far cost Americans $134.5 billion in interest payments. Every day, The Century Foundation (TCF) and Protect Borrowers estimate, US credit card holders are accruing $368 million more in interest than they would have if rates were capped at 10%. The average interest rate for credit cards in the US is currently around 25%, according to a Forbes measure.
In January, Trump called on Congress to approve a 10% cap on credit card interest rates for one year, and bipartisan legislation has been introduced in both the House and the Senate. But the president has not pressured bank-friendly Republicans to back the measure, and he vowed earlier this month to refuse to sign any legislation that reaches his desk unless lawmakers approve a massive voter suppression bill that is likely dead in the Senate.
“Trump could work with Congress to deliver on his promise to cap credit card interest rates at 10%—saving the average American with credit card debt about $900 a year,” Sen. Elizabeth Warren (D-Mass.) said Tuesday. “But he is too busy siding with Wall Street.”
The new analysis by TCF and Protect Borrowers shows that over 40% of adults in the US are “unable to pay off their credit card bills each month, trapping them in cycles of persistent debt that balloons ever-higher due to record-high, industry-inflated interest rates and predatory fees.”
Collectively, around 111 million Americans carry more than $1 trillion in credit card debt month to month, according to the analysis, and more than 27 million Americans can’t afford more than the minimum monthly payment on their cards.
“Americans’ monthly credit card payments have grown by nearly 40% since 2018, a trend that is continuing unabated under President Trump,” TCF and Protect Borrowers found. “From 2018 to 2025, the average monthly credit card payment rose by $553, or 38% (from $1,441 to $1,994). This growth far outstrips inflation.”
“Since Trump’s inauguration alone, the average annual amount that Americans pay in credit card bills grew by an additional $1,177 (from $22,756 to $23,933),” the groups added. “The pace of this growth suggests that, in large part due to soaring interest rates, families today devote more income to credit card payments than at any point in history.”
The nation’s worsening credit card debt crisis comes amid a broader affordability crisis in an economy that Trump has hailed as the “greatest” in history, despite all the glaring evidence to the contrary.
A West Health-Gallup Center on Healthcare in America survey published last week found that roughly a third of respondents—equivalent to more than 80 million Americans—said they have had to skip a meal, borrow money, cut back on utilities, or make other painful trade-offs to afford healthcare expenses over the last 12 months as prices continue to rise across the economy.
“Grocery, utility, and healthcare bills are piling up, and Americans are increasingly turning to credit cards—some carrying interest rates exceeding 22%—just to make ends meet,” Jennifer Zhang, policy, research, and data Analyst at Protect Borrowers and co-author of the new analysis, said Tuesday.
“President Trump promised to tackle crushing credit card interest rates by January 20 of this year,” Zhang added, “but that deadline has come and gone.”
From Common Dreams by Julia Conley, March 20, 2026
Millions of Americans Joining the Ranks of the Uninsured Thanks to Trump-GOP Cuts in 2025
New data released by KFF underscores how “universal, seamless coverage throughout the life course remains an urgent prerogative for the nation,” said one physician and advocate.
About 24.3 million Americans were enrolled in healthcare plans within the Affordable Care Act marketplace last year, but a survey released Thursday by KFF found that about 1 in 10 of those people had no choice but to make a difficult and risky calculation at the end of 2025 when ACA subsidies expired due to Republicans’ refusal to support an extension.
According to the research, 9% of people enrolled in plans under the marketplace last year are now uninsured, having dropped their coverage—and costs were a deciding factor for the vast majority of those who left the marketplace.
As Costs Soar for Millions, TrumpRx Scam Offers Savings on ‘Exactly One’ Drug: Analysis
The expiration of the enhanced tax credits sent premiums skyrocketing by an average of 114%, according to KFF.
The decision was unavoidable for one 54-year-old man in Texas, who told KFF simply, “Without the subsidy, I cannot afford the premium payments.”
A 56-year-old woman in Illinois said her income was too high last year to qualify for subsidies, but the increase in cost this year was “so high even for those without subsidies.”
“I simply cannot afford to pay $1,200 a month for insurance,” she said. “It used to be high premiums meant low deductibles and copays, but not anymore. This is ridiculous. $1,200 for a healthy person, and an $8,000 deductible. Really?”
A Florida resident named Kelly Rose told The Wall Street Journal that the $1,700 monthly premium she was quoted for an ACA plan would have been more than her mortgage. She missed the enrollment window for health coverage through her job at a bank—assuming her ACA plan would cost less—and is now uninsured and relying on a Canadian pharmacy to get her asthma medication, which would cost $800 per month without insurance in the US.
Cynthia Cox, a senior vice president at KFF, told the Journal that the survey results were “about on target” what the health policy research group had expected last year when the subsidy expiration was looming and Democrats were demanding that the GOP vote with them to extend the tax credits.
“Not only is there significant coverage loss, but there could be more to come,” Cox said.
An estimated 25 million Americans are uninsured, said Harvard Medical School professor and former Physicians for a National Health Plan president Adam Gaffney—a fact he called “abhorrent” as he suggested the new data makes the latest case for “universal, seamless coverage throughout the life course,” or an expansion of the Medicare program to the entire US population.
That proposal, which has been introduced in Congress numerous times by lawmakers including Sen. Bernie Sanders (I-Vt.) and Rep. Pramila Jayapal (D-Wash.), would put the US in line with the healthcare systems of other wealthy nations, improve healthcare outcomes, and save an estimated $650 billion per year.
A poll released late last year by Data for Progress found that 65% of likely US voters supported “creating a national health insurance program, sometimes called ‘Medicare for All,’ that would cover all Americans and replace most private health insurance plans.”
The fact that millions of Americans have chosen to opt out of the country’s for-profit health insurance system—putting their health and finances at risk—is representative of “a profound hollowing-out and weakening of America,” said writer and markets researcher Ben Hunt.
The economic justice campaign Unrig Our Economy emphasized that Republicans’ cuts to healthcare last year—via the expiration of the subsidies and slashes to Medicaid—put an estimated 15 million Americans at risk of losing health coverage.
“Republicans knew that healthcare tax credits were critical to helping millions of Americans afford their health insurance, but they chose to get rid of them to fund more tax breaks for their billionaire buddies,” said Unrig Our Economy campaign director Leor Tal. “Costs are higher, millions are without insurance, and working Americans are having to make sacrifices just to afford basic healthcare—and they know that Republicans are to blame. It’s time Republicans finally started listening to their constituents and fixing the healthcare crisis they created.”
KFF’s polling also found that among people who still have health insurance under the ACA, higher premiums and deductibles have left a majority concerned that they wouldn’t be able to afford emergency care even with their coverage. Nearly half of respondents said they were worried that even routine medical care will be unaffordable this year with their ACA plans.
Due to Republican attacks, the cost of coverage offered by the program is now forcing 55% of people using the ACA to cut back on spending money on food, household items, and clothing in order to afford it. Forty-three percent said they are trying to find another job or extra income to afford healthcare payments, and nearly a quarter said they are skipping or delaying payments on other bills to afford their health coverage.
More than half of people polled by KFF said they blame Republicans in Congress for their rising healthcare costs.
“Americans are blaming them because it’s true,” said Unrig Our Economy. “Congressional Republicans’ massive cuts to health care have put a projected 15 million Americans at risk of losing health insurance and left millions more struggling to keep up with rising costs. Republicans made these cuts all so they could give more tax breaks to billionaires and corporations.”