Bad news for South Africans making more than R50,000, and US debt hits $40 trillion

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Rich South Africans piling on the debt: Many South Africans earning more than R50,000 a month now need 103% of their take-home pay to service debt, according to DebtBusters’ second-quarter Debt Index. These individuals, considered ‘rich’ in South Africa, now have more debt relative to their income than ever before. [EWN]

America’s trader-in-chief: US Treasury Secretary Scott Bessent announced that it would significantly step up purchases of government bonds as part of its existing buyback program. This came in response to a rise in long-term interest rates, which threatened to significantly increase the US government’s cost of borrowing. [Wall Street Journal]

A cure for cancer: An experimental vaccine prevented the return and spread of cancer in high-risk melanoma patients, Moderna and Merck announced. Intismeran is a genetically personalised vaccine that instructs the patient’s immune system to attack tumours. Moderna’s shares surged more than 175%, the highest single-day rise in the history of any S&P500 stock. [Semafor]

Family deals: CMH executives are set to make R745 million in a deal that will see the company buy 13 properties it already rents from these individuals. The properties are owned by companies linked to CEO Jebb McIntosh, CFO Stuart Jackson, and First Car CEO Bruce Barrit. [BusinessDay]

US debt hits $40 trillion: Total US debt crossed the $40 trillion mark for the first time, raising fresh warnings that a fiscal crisis is brewing as government spending surges. The debt burden has more than doubled in less than a decade and is now above 100% of GDP. [Reuters]
 
Obviously, a lot of people thought the transitions to the ANC government would be business as usual and that the economy would continue to flourish, they have used debt to maintain their standard of living to get over the "temporary bump" in the road and don't seem to understand that the bump is permanent and that the country is unlikely to ever recover. The choice is simple, either drop your standard of living or eventually get to the point where you can no longer service your debt.
 
Scooby_Doo said:
Rich South Africans piling on the debt: Many South Africans earning more than R50,000 a month now need 103% of their take-home pay to service debt, according to DebtBusters’ second-quarter Debt Index. These individuals, considered ‘rich’ in South Africa, now have more debt relative to their income than ever before. [EWN]

America’s trader-in-chief: US Treasury Secretary Scott Bessent announced that it would significantly step up purchases of government bonds as part of its existing buyback program. This came in response to a rise in long-term interest rates, which threatened to significantly increase the US government’s cost of borrowing. [Wall Street Journal]

A cure for cancer: An experimental vaccine prevented the return and spread of cancer in high-risk melanoma patients, Moderna and Merck announced. Intismeran is a genetically personalised vaccine that instructs the patient’s immune system to attack tumours. Moderna’s shares surged more than 175%, the highest single-day rise in the history of any S&P500 stock. [Semafor]

Family deals: CMH executives are set to make R745 million in a deal that will see the company buy 13 properties it already rents from these individuals. The properties are owned by companies linked to CEO Jebb McIntosh, CFO Stuart Jackson, and First Car CEO Bruce Barrit. [BusinessDay]

US debt hits $40 trillion: Total US debt crossed the $40 trillion mark for the first time, raising fresh warnings that a fiscal crisis is brewing as government spending surges. The debt burden has more than doubled in less than a decade and is now above 100% of GDP. [Reuters]
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