Sunday, June 11, 2017

Public debt vs. consumer debt

Photo credit:  Tea Party Patriots

Full hissy fit may be read at How long will it take us to pay back $16 trillion in debt?  (Fox News Opinion, 9/7/2012)

As of January 1, 2017, the 'debt held by the public' is $14.8 trillion, according to the Congressional Budget Office.

Yes, Jenny, we didn't overspend that $16 trillion back in 2012, but we are responsible for the record $12.73 trillion in consumer debt.  A lot of folks are living outside their means, unfortunately.

Related reading:
Trump’s America Is Facing a $13 Trillion Consumer Debt Hangover.  (Bloomberg, 6/6/2017)
Americans faced with lackluster income growth have been financing more of their spending with debt instead. There are early signs that loan burdens are growing unsustainably large for borrowers with lower incomes. Household borrowings have surged to a record $12.73 trillion, and the percentage of debt that is overdue has risen for two consecutive quarters. And with economic optimism having lifted borrowing rates since the election and the Federal Reserve expected to hike further, it’s getting more expensive for borrowers to refinance.

 Related post:
Job growth/consumer debt headline news: On the same page, literally but not figuratively.  (11/9/2015)
Political mythology 101.  (7/8/2008)

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