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    Common Dreams. To inform. To inspire. To ignite change for the common good.
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    Common DreamsTo inform. To inspire. To ignite change for the common good.

    debt

    A contract worker finds recycling at a dump on an Iraq US military base.

    American Garbage

    We consume far beyond our means because our military keeps enough of us feeling secure, and we have such a large military because we consume far beyond our means.

    Andrea Mazzarino
    Feb 01, 2026

    I learned one of my most valuable lessons about US power in my first year as a Brown University doctoral student. It was in anthropology professor Catherine Lutz’s seminar on empire and social movements. I’d sum up what I remember something like this: Americans consume one hell of a lot—cars, clothes, food, toys, expensive private colleges (ahem…), and that’s just to start. Since other countries like China, the United Kingdom, and Japan purchase substantial chunks of US consumer debt, they have a vested interest in our economic stability. So, even though you and I probably feel less than empowered as we scramble to make mortgage, car, or credit-card payments, the fact that we collectively owe a bunch of money globally makes it less likely that a country like China will want to rock the boat—and that includes literally rocking the boat (as with a torpedo).

    In classes like that one at Brown, I came to understand that the military power we get from owing money is self-reinforcing. It helps keep our interest rates low and, in turn, our own military can buy more supplies (especially if President Donald Trump’s latest demand for a $1.5 trillion Pentagon budget goes through!). Our own debt somewhat ironically allows this country to continue to expand its reach, if not around the globe these days, at least in this hemisphere (whether you’re thinking about Venezuela or Greenland). Often when I splurge on a fancy Starbucks latte or a new pair of shoes, I think about how even critics of US military hegemony like me help prop up our empire when we do what Americans do best—shop!

    Keep ReadingShow Less
    Opinion
    pollution
    An advertisement for easy financing is posted on the front window of a used car lot

    As Trump Drives Up Costs, Record Share of Subprime Auto Loans Overdue

    "The vulnerable part of the economy is having an even tougher time making ends meet," said one finance professor.

    Jessica Corbett
    Nov 13, 2025

    Last month's jobs report may never be released after being delayed during the federal government shutdown, but other figures demonstrate the havoc President Donald Trump is wreaking on the US economy, including new data for subprime borrowers behind on car payments.

    The share of US borrowers with low credit scores or limited credit histories who are at least 60 days past due on their auto loans rose to 6.65% in October, the highest percentage since Fitch Ratings began tracking it in the early 1990s.

    Keep ReadingShow Less
    News
    transportation
    Damage from Hurricane Melissa.

    Climate Adaptation Failure Is the Next Debt Crisis for the Global South

    This is the new face of global inequality: Countries that contributed least to the crisis are being made to pay twice—first through climate impacts, and then through debt.

    Jawad Khalid
    Nov 11, 2025

    As deadly storms ripped through the Caribbean, a new United Nations report delivered a sobering warning: The world is failing to prepare for the climate it has already created.

    The UN Environment Programme’s Adaptation Gap Report 2025, aptly titled Running on Empty, finds that developing nations will need between US$310 and $365 billion annually by 2035 to cope with intensifying climate impacts. Yet, international public finance for adaptation fell to just US$26 billion in 2023, down from US$28 billion the previous year. The result: Only one-twelfth of what’s needed is being delivered.

    Keep ReadingShow Less
    Opinion
    climate emergency

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