Wall Street analysts have worriedly watched rising subprime auto delinquencies—with some even suggesting similarities to the subprime real estate market of 2006.

Such interpretations are very likely overblown, as the subprime auto market is far smaller than subprime real estate was in 2006. Meanwhile, that cars are so easily recoverable and resold makes these loans less of a threat to the solvency of lenders.

A massive burden: Nonetheless, these loans illustrate the burden working class Americans must bear just so that they can continue to be productive members of society. These loans typically bear an interest rate of 14% over 67 months. Given the median used car costs roughly $19,000, assuming a 10% down payment, that means $369 monthly payment—$112 of which is interest—a huge burden for a minimum wage laborer.

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1 hour ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

1 hour ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.

July's jobs report could be an inflection point for the coronavirus recovery

Illustration: Sarah Grillo/Axios

Even if Friday's jobs report shows a big number, it is becoming clear hiring slowed and likely even reversed course in July and real-time indicators suggest the employment situation worsened into August.

Driving the news: Payroll processor ADP's monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June's 4.8 million jobs added.