$44 Trillion - and Soaring
~ household, business, financial and government sectors ~
by Michael W. Hodges, Author
Grandfather Economic Report
2 GREAT QUESTIONS:
Can the production of debt forever replace the production of goods and savings?
Can Americans forever borrow their way to prosperity?
Easy Answer > NO WAY !!
I am concerned about the debt being passed to our younger generation. Who isn't?
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Bonnie Alba
Treasure Secretary John Snow has requested Congress to raise the $8.18 trillion National Debt ceiling to almost $9 trillion. If the proposed $781 billion in extra borrowing is not forthcoming, the government will again be close to default on its obligations. Again! Snow claims that this would be the first time the U.S. would default on its obligations. We haven't defaulted in the past because, as Snow well knows, Congress loves to raise the Debt Ceiling. When have they ever 'not raised the debt ceiling'?
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All Things Considered Series Explores America's Borrowing Culture
How much do you owe, and what's your plan to get back in the black? What does our love of credit cards say about Americans? Share your views with the rest of the NPR online community.
Jan. 29-31, 2003 -- American consumers now owe about $1.7 trillion in credit card and other debts -- an amount roughly equal to the gross national product of England and Russia combined. On average, Americans spend most of what they earn, and in some cases, a little bit more.
In a multi-part series, All Things Considered investigates America's complex relationship with debt. In Part One, the series focuses on the financial and emotional toll excessive debt can create for families. Part Two examines the expanding role of home mortgages in the financial health of homeowners. And Part Three focuses on the use of personal financial histories in employment screening.
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