Reply #10: Some comments: [View All]

[cliss]

These numbers show some serious issues. And it contradicts Alan Greenslime's statement about 1 year ago where he said that US consumers "were not in debt up to their eyeballs". "They're not getting crushed under a mountain of debts which has them panting for their life." "They're fine".

Here's what I read from these numbers:

1) The debt level has gone up by 9% to an astronomical $23.6 trillion. This works out to be $81,944.44 for every man, woman and child in the US. This figure doesn't make sense. It's way too high. Notice it says 'household' debt, so it wouldn't include business debt, and so on.

2) The average household net worth is $46.7 trillion. This works out to be $162,152.77 for every man woman & child in the US. Again, this figure seems too high. Is this just a lot of paper value?

3) Notice also that the net debt is about half of net worth.

4) Most importantly: what has happened to wages in this time period? Have they gone up? I think wages have crept up a very small amount, but certainly not 9.1%. That means that the average American is living on their credit cards, or using their home equity to finance this debt.