Pay off that 12.44 trillion and that’s 12.44 trillion that disappears from our money supply.
We’re screwed.
Basket of Deplorables
December 22, 2016 3:39 pm
Very deceptive, for all the question about ‘Are Americans taking on too much debt?’ and for all the pretty pictures, they refused to show the chart of debt over time. They came closest at the end, showing consumer debt going up, and mortgage debt dropping after the housing crisis then creeping up, with text suggesting that the increase in consumer debt is dwarfed by the decline in mortgage debt (the ‘really moves the needle’ deception and ending with a down arrow).
If you look at the side by side charts, mortgage debt is down by about $1B from the peak, and consumer debt is up about $1B from the peak. So the total private debt is is either at, or very, very close to the peak…the peak which occurred at the height of a credit fueled bubble about to pop. And that further ignores the doubling of the federal government debt over the last 8 years…which the same ‘consumers’ in taxpayer mode will have to also service and repay. Not only are we at or near the peak in total consumer debt, it is lower quality debt, as it is less mortgage, and more CC/SL without any real collateral.
Contrary to the happy talk and deceptions, the answer to the question at the top ‘Are Americans taking on too much debt?’ is a resounding “YES!” but that would not serve the visual capitalists Equifax paymasters.
Americans spend too much money on bullshit.
Our money is debt.
Pay off that 12.44 trillion and that’s 12.44 trillion that disappears from our money supply.
We’re screwed.
Very deceptive, for all the question about ‘Are Americans taking on too much debt?’ and for all the pretty pictures, they refused to show the chart of debt over time. They came closest at the end, showing consumer debt going up, and mortgage debt dropping after the housing crisis then creeping up, with text suggesting that the increase in consumer debt is dwarfed by the decline in mortgage debt (the ‘really moves the needle’ deception and ending with a down arrow).
If you look at the side by side charts, mortgage debt is down by about $1B from the peak, and consumer debt is up about $1B from the peak. So the total private debt is is either at, or very, very close to the peak…the peak which occurred at the height of a credit fueled bubble about to pop. And that further ignores the doubling of the federal government debt over the last 8 years…which the same ‘consumers’ in taxpayer mode will have to also service and repay. Not only are we at or near the peak in total consumer debt, it is lower quality debt, as it is less mortgage, and more CC/SL without any real collateral.
Contrary to the happy talk and deceptions, the answer to the question at the top ‘Are Americans taking on too much debt?’ is a resounding “YES!” but that would not serve the visual capitalists Equifax paymasters.
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