americans who are three months or more behind on their car loan payments, according to new numbers out of the federal reserve bank of new joining us live from london, obviously, a troubling number from economists. quite an alarming number there. more than 7 million americans are three months behind on their auto loan payments. this is higher than the peak reached in 2010 on back of the financial crisis. it is a big $584 billion jump in total auto loan debt, the highest numbers for the past 19 years or so. big numbers on the debt side of things. many economists say it is a sign some of the labor market strength hasn t been passed on to consumers. that said we had a strong day
2010 as the country was beginning to recover from the greatest recession we ve seen. and the volume of those loans is higher than ever. topping out at more than 584 billion bucks of outstanding debt. if those loans begin to default which happens at the 90-day delinquency mark, it could have a harsh effect on american workers. according to analysis done by brookings institution, almost 128 million of the 150 million american workers studied in a 2016 relied on their car or they car pooled to get to work. losing that transportation method could cost some americans their actual jobs. something that could then cascade through their personal lives. according to bank rate.com, nearly a third of all americans that s 29% have more credit card debt than they have in emergency savings. at least 18% of americans have no emergency fund whatsoever. and the rate of credit card debt to emergency savings is higher than it has been in recent
thought that president trump would really pull the u.s. out of nafta. it has been renegotiated about 11 times since it was first instituted, and it does need every few years some kind of updating for modernization, for cyber things, for job creation. and when you talk to mexican and canadian officials, i don t think anybody really thought that president trump would pull out, because it is a shock it would abe shock to the system. yes, the u.s. has lost some jobs to mexico, to canada, but the jobs that it s created. the u.s. chamber of commerce says that because of this trade and integration, that has created about 14 million jobs. and so, mexicans and canadians have a lot of leverage here. they also have about $584 billion in u.s. exports. and so, i think that they thought he would always arrive at some kind of renegotiation, and you know, they say they re ready to go. it s very interesting how this is playing out right now. jen psaki, let me bring you in on this, as you worked in
feeling by u.s. commanders that it is going to have to be these countries, with assistance from allies, that are going to be the ones that are going to defeat isis eventually. also, guys, we re getting major reporting in terms of the details of this budget. let s tick through it for you. what we know from an official from the office of management and budget, the president is going to call for a $54 billion increase to defense spending, that s a 10% increase of the budget, last year it was $584 billion. most of that will go to dod. they re going to make major federal cuts in almost all federal agencies, it s saying here most federal agencies will see a reduction as a result. this is being touted as a security budget. and the administration is seeking, quote, a large reduction also, ben ferguson, in foreign aid. right. is this a smart move? i assume you agree with building up the military, but to make such drastic cuts elsewhere
that s $584 billion. he wants to raise rates on capital gains and def dends, $242 billion. other changes and exemptions and deductions, $165 billion and raise estate taxes. this all adds up to $1.6 trillion. if you want $1.6 trillion of revenue, that is very hard to get it without raising rates on the top 2%. that s the president s fundamental point. andy, what is the impact of raising $1.6 trillion in taxes and the spending cuts? the wall street journal suggesting the top business leaders are bracing for an economic downturn. the top business leaders have indicated they re willing to accept an increase in taxes along the lines that glenn was discussing. and to my mind, it s clear. i m not convinced that raising taxes on the richeest americans are right. but one thing i do know is that it s more right than gridlock, right? so, in other words, if we re going to do it it makes more sense than not doing anything at