10 Numbers
According to Professor Larry Kotlikoff, the USA's unfunded liabilities are well in excess of 200 trillion dollars right now.
If individuals, corporations, state and local governments and the federal government all stopped going into more debt, we would plunge into the greatest economic depression in U.S. history immediately.
1. The size of the official U.S. budget deficit is up 21 percent under President Trump.
2. Real wage growth in the United States just declined by the most that we have seen in 6 years.
3. U.S. consumer credit just hit another all-time record high.
In the second quarter of 2008, total consumer credit reached a grand total of 2.63 trillion dollars, and now ten years later that number has soared to 3.87 trillion dollars.
That is an increase of 48 percent in just one decade.
4. Student loan debt has surpassed 1.5 trillion dollars for the first time ever.
4. Student loan debt has surpassed 1.5 trillion dollars for the first time ever.
Over the last 8 years, the total amount of student loan debt has shot up 79 percent in the United States.
5. According to the Federal Reserve, the credit card default rate in the U.S. has risen for 7 quarters in a row.
6. One recent survey found that 42 percent of American consumers paid their credit card bill late “at least once in the last year”, and 24 percent of Americans consumers paid their credit card bills late “more than once in the last year”.
7. According to one recent study, the “rate of people 65 and older filing for bankruptcy is three times what it was in 1991”.
8. We are in the midst of the greatest “retail apocalypse” in American history.
5. According to the Federal Reserve, the credit card default rate in the U.S. has risen for 7 quarters in a row.
6. One recent survey found that 42 percent of American consumers paid their credit card bill late “at least once in the last year”, and 24 percent of Americans consumers paid their credit card bills late “more than once in the last year”.
7. According to one recent study, the “rate of people 65 and older filing for bankruptcy is three times what it was in 1991”.
8. We are in the midst of the greatest “retail apocalypse” in American history.
At this point, 57 major retailers have announced store closings so far in 2018.
9. It is being projected that interest on the national debt will surpass half a trillion dollars for the first time ever this year.
10. Goldman Sachs is projecting that the yearly U.S. budget deficit will surpass 2 trillion dollars by 2028.
9. It is being projected that interest on the national debt will surpass half a trillion dollars for the first time ever this year.
10. Goldman Sachs is projecting that the yearly U.S. budget deficit will surpass 2 trillion dollars by 2028.
If individuals, corporations, state and local governments and the federal government all stopped going into more debt, we would plunge into the greatest economic depression in U.S. history immediately.
Continued here: 10 Numbers
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