Linked with Michael W. Hodges – USA.
The Grandfather Economic Report, by Michael Hodges, June 20, 2006 is published in the U.S.A. on Storm Watch as a public service (click on the title of the searched article) – updated regularly on the website.
Excerpt: … It is is a series of picture reports of threats to the economic future of families and their children, compared to prior generations – - from incomes to debt to education quality to health care to international trade balances to energy and national security. You are now at the brief chapter on Family Income (starting with this summary page and followed by the full report). Trends in family income, debt and savings are some of those threats facing our young generation. Welcome. We hope your visit will find useful information to help you and your loved ones. Knowledge is Power …
Another excerpt: America’s Total Debt Report: $ 44 Trillion … soaring household, business, financial and government sectors:
America has become more a debt ‘junkie’ than ever before, with total debt of $44 trillion, with the highest debt ratio in history.
That’s $147,312 per man, woman and child, or $589,248 per family of 4, $44,312 more debt per family than last year.
Last year debt increased $3.5 Trillion, 5 times more than GDP. Household debt soared 12%.
68% ($30 trillion) of this debt was created since 1990, a period primarily driven by debt instead of by productive activity. And, the above does not include unfunded pensions and medical promises.
2 great questions:
Can the production of debt forever replace the production of goods and savings?
Can Americans forever borrow their way to prosperity?
Read the rest of this article on above link.
About US Depts, read also on this page of Financial Sende Online.