Household Debt

Household Debt

Jan 19

Household debt, the biggest part of U.S. debt, fell by $584 billion, or 4% -- two-thirds of which is due to defaults on home loans and other debt -- to $13.2 trillion."

Catch that? TWO-THIRDS of the drop in household debt didn’t come from us being responsible and paying off our debts. It came because we stiffed someone. Even after that total personal debt is STILL slightly over 100% of our income.

That’s TOTAL income compared to TOTAL debt. The combined income of EVERY American and our combined household debt. If we put every nickel from every American (including every millionaire and billionaire) in a pot and then took money to pay off the debts of every American, we’d run out of money.

This doesn’t include our national debt. Just what we owe personally.

So when our government, elected by we the people who defaulted on our debts, says that we’re going to make good on our financial promises, who can honestly believe it?

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