"The Federal Reserve of New York last month released figures showing overall U.S. household debt at an estimated $11.5 trillion at the end of March this year--a $33 billion increase over where it stood at the end of 2010."
So people are aware that the economy nearly crumbled in 2008 (it actually did - the Gov't is simply propping it up) & some are trying to get out of this mess by spending more responsibly, reducing debt & saving more. The responsible thing to do right ? Bcuz we obviously wanted too much too soon & maybe our grandparents were right about fiscal responsibility & a penny saved is a penny earned & all that crap.
So then why is American debt still increasing ? By 33 billion dollars in only 5 months ? Bcuz all those feel good news stories about how the economy is recovering & we just gotta all pull together as a team ... better days are just around the corner ... it's all smoke & mirrors. The economy is collapsing.
All those jobs they say we are adding ? Those are former middle managers now asking you if you want fries with that. College graduates mopping floors on the night crew. Instead of releasing info on how many jobs were added they should just tell us how much less money those people are getting paid ... or how many fewer dollars are in the hands of those who are buying goods & services & who of course are the ones who would create more jobs ... not alot of diposable income when you are getting paid far less then what you were making before the crash ...
"I think we're in for a lot of disappointment," Carmen Reinhart of the Peterson Institute for International Economics, and an expert on financial crises, told CNNMoney.com. "If historic norms hold, deleveraging isn't pretty, and it is not a smooth process. We're already four years into this. I don't think the next six years look great."
Try the next year ... the economy is going to crash sooner than that ... & it is by design ... the greatest creation of wealth this country has ever seen was during the Great Depression of the 1930's ... those who still had money (READ: Gold & Silver) made a killing when the prices naturally fell .. paying pennies on the dollar .. that is the plan this time around too ...
What's at the root of the problem? In a nutshell, consumers and businesses took on too much debt--especially in real estate--during the years before the housing bust and the financial crisis. In early 2008, total private debt was nearly three times the size of GDP.
Greed was the problem ... anyone with a calculator would have known that once the interst rate on those shoddy home loans went up .. they weren't going to be able to afford to make the payments & they'd be homeless ... this ties in with the horrible education system in this country ... shouldn't basic economics be a mandatory class taught in schools since money is one thing all people are going to be dealing with ... maybe have people actually understand a mortgage & know what they were getting into ??
What use have you ever had for trigonometry ? Unless you're a math teacher or you work for NASA ... the dumbing down of America ... now you know why they wanted us so dumb ...