David I. Pankin, P.C.

08/04/2026

The American economy slowed in the second quarter of the year, expanding at an annual rate of 1.5 percent. The cooldown was fueled by the war with Iran which upended prices, supply chains and energy markets. Households’ savings buffers are much lower than in the recent past, as a result, economists expect consumption to be weak through the rest of this year. https://www.nytimes.com/2026/07/30/business/economy/us-economy-gdp-growth.html?smid=nytcore-ios-share

07/20/2026

Since the COVID-related payment pause on student loans has expired, approximately 9.5 million people or one in five federal student loan borrowers are in default. This means that they are more than nine months behind on their payments. Starting this month, student loan borrowers will be required to choose between a standard repayment option or the one income driven payment plan remaining, which is called RAP or Repayment Assistance Plan. Either option will probably not be enough to resolve the default issue which may even get worse.

Defaults on student loans have surged across the United States, reaching record levels as borrowers struggle to keep up with payments.

06/18/2026

Small businesses are struggling in this economy. In particular, they have been hit hard by increased energy costs and are still feeling the impact of the tariffs.
https://www.nytimes.com/2026/06/17/business/economy/small-business-strain-economy.html?smid=nytcore-ios-share

05/14/2026

Prices increases for gas, groceries, medical services, utilities and other staples, has led to an increasing number of households to rely on their credit cards to absorb the extra costs. Credit card balances were already at record levels, and this will push them even higher.
https://www.nytimes.com/2026/05/10/business/consumers-credit-inflation-costs.html?smid=em-share

05/14/2026

As a continuing effect from the Iran conflict, US consumers are facing more bad news, as inflation rose in April and for the first time in three years, wages are no longer outpacing inflation. Americans now have to deal with everyday items becoming more expensive from increasing gas prices.

For the first time in three years, Americans’ wages are no longer outpacing inflation.

05/01/2026

Since Congress allowed the Obamacare subsidies to expire, there has been an approximately 20% decline in enrollment. Many Americans simply cannot afford the higher health insurance premiums. As a result, many Americans will not receive proper medical care, which will lead to increased demand on already stressed ERs and higher medical debt. This may cause an increase in medical debt related bankruptcy filings in the near future.
https://www.nytimes.com/2026/05/01/business/obamacare-enrollment-decline.html?smid=em-share