The private sector debt problem is no secret although the mainstream media is still blinded by the supposed public sector debt problem. Of course, there is no public sector debt problem in the USA so it’s not surprising that the economy remains in a funk while policymakers fail to focus their efforts on the right problems.
On Friday I posted an update on the status of the long running balance sheet recession. Over the weekend, the Wall Street Journal ran an excellent piece putting the problem of household debt into perspective:
$26,172: Amount of debt the average U.S. household would need to cut to bring balance sheets back to 1990s levels.
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