From Business Insider we get a bar graph that breaks down how America has accumulated $12.29 trillion in consumer debt ...
Most of us understand that debt really isn't an issue if you can pay for it. This means the real issue is comparing household debt to household income, which you can read about here.
Long story short? From 1980 through 2014 total household debt increased about 70% faster than household income.
So, yeah, stagnating wages and growing consumer debt is the real story behind the American economy. Think about this the next time your conservative friends want to tell you about the benefits of Ronald Reagan and the GOP's tax cuts for the rich program.
- Mark
Most of us understand that debt really isn't an issue if you can pay for it. This means the real issue is comparing household debt to household income, which you can read about here.
Long story short? From 1980 through 2014 total household debt increased about 70% faster than household income.
So, yeah, stagnating wages and growing consumer debt is the real story behind the American economy. Think about this the next time your conservative friends want to tell you about the benefits of Ronald Reagan and the GOP's tax cuts for the rich program.
- Mark
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