“The trend of ever-rising overall debt has thus continued. The deleveraging in the household and financial sector has, however, resulted in a reduced pace of debt accumulation overall, despite heavy borrowing from the federal government. In 2010, for the first time since 1992, the economy has grown faster than total debt, and this has continued in 2011 and in 2012, if at a slowing pace. Consequently, total debt stands at 359% of GDP today, slightly down from its peak of 381% in 2009. At 359% debt-to-GDP is back to where it was at in early 2007. Again, not much deleveraging has occurred in total.”
Related posts:
Paul Craig Roberts: Growing Up In America
Bill Bonner: Thank You, TSA, NSA, FBI, and CIA!
Thomas Jefferson on Liberty
The Creative Destruction of New York in 47 Seconds
The Mind-Boggling Implications of a Bitcoin Economy
Bauman’s Little Black Book of Buffoons
Fifty States of Fear
Why So Much Faith in Supreme Court Justices?
3 Reasons the ‘Nothing to Hide’ Crowd Should Be Worried About Government Surveillance
On Poisoned Ground: East Chicago’s legacy of lead pollution
Charles Burris: American Statolatry
Digital Apocalypse: An Interview with Cody Wilson
4 Ways Living Abroad Can Give You More Freedom
Declare Detroit a Free City
How Nixon the Keynesian Destroyed the Monetary Regime of Keynes