Economy

The economic pressure on families in the United States has escalated, with numerous people struggling more than ever to handle their expanding debt burdens. Recent statistics from the Federal Reserve Bank of New York highlight concerning patterns, indicating that debt amounts have increased in all primary categories, including home loans, car loans, credit cards, and education loans. For certain individuals, this represents the most severe financial obstacle encountered since the consequences of the Great Recession.By the end of the last quarter of 2024, the total debt held by households in the United States rose by 0.5%, reaching a new peak of $18.04 trillion. While debt increases are typically expected—often indicative of economic progress, rising populations, or heightened spending duri...

The United States is preparing for increased costs as fresh tariffs on goods from Mexico, Canada, and China, introduced by former President Donald Trump, are about to be implemented. This action, unveiled as a component of a national emergency declaration related to border challenges and fentanyl smuggling, has raised worries regarding the economic impact on U.S. consumers and companies. Analysts caution that these tariffs, affecting a substantial share of the nation's imports, might amplify inflation and interfere with supply chains, causing a chain reaction throughout multiple sectors.The tariffs entail a 25% charge on all imports from Mexico, a majority of items from Canada, and an extra 10% fee on Chinese products. Although the administration has defended these steps as a method to gen...