Posted 3 days ago
If you’re wondering how the economy is moving along, there is a simple answer – debt. For the last few years the economy has been far worse than presented by the government, who lie up a storm about employment numbers and other data, to stop a civil riot… and it moves along solely on debt. A recent New York Fed report says American’s debt increased $460 billion to $12.6 trillion in 2016. That’s $1.26 billion a day, across all categories that it measures – home, student and auto loans, as well as credit cards. Credit (Debt) created out of thin air by the banks to present consumers with access to buy stuff that they are then tied to repay with sizable interest rates eating away at discretionary income. Debt hit a record $12.7 trillion in 2008 and, at the current growth rate, a level we could easily see again in 2017. And, remember what happened in 2008… the economy fell off the cliff.
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