- Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone is focused on increasing their savings.
- Total domestic — public and private — debt as a share of the economy has declined for 12 quarters in a row after surging over the previous decade.
- As much as we hear politicians, pundits, tea-party patriots and the Congressional Budget Office obsessing about government debt, it was excessive private debt — not public debt — that caused the 2008 financial meltdown. And it was private debt — some of it since transferred to the public — that lies behind the current European debt crisis.
- In fact, since the recession ended in June 2009, total U.S. debt has risen at the slowest pace since they began keeping records in the early 1950s.
- The ratio of total debt to gross domestic product has fallen from 3.73 times GDP to 3.36 times.
Sunday, June 17, 2012
Democrats Getting Republicans Out Of Debt (Again)
From U.S Debt Load Falling At Fastest Pace Since 1950s: