The current economic recovery is more of an uphill slog than any other since World War II for a simple reason: lots more debt.
Record-high debt levels are giving this recovery no chance to exhale. As soon as the economy climbs one hill, another ascent begins.
Combined U.S. household debt and government debt added up to more than $30 trillion, or 200% of GDP, at the end of 2011.
That's $155,000 per working-age (18-64) adult. By that measure, debt was 50% higher in real terms at the start of this recovery than in 2001. Compared to the 1991 and 1982 recoveries, debt was, respectively, 88% and 230% higher.
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Filed under: * Culture-Watch History * Economics, Politics Economy Consumer/consumer spending Corporations/Corporate Life The Banking System/Sector The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The U.S. Government Budget The National Deficit
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