Families Go Deep in Debt to Stay in the Middle Class


It’s happening all across America. We have not recovered from the crash of 2008. But some in Congress and on the campaign trail want to RAISE taxes. They want to increase what for many middle class families is their biggest bill?


(From The Wall Street Journal)

The debt surge is partly by design, a byproduct of low borrowing costs the Federal Reserve engineered after the financial crisis to get the economy moving…

…Consumers increasingly need it, companies increasingly can’t sell their goods without it, and the economy, which counts on consumer spending for more than two-thirds of GDP, would struggle without a plentiful supply of credit.

As we’ve said in the past the next recession will very likely be born in a consumer debt overload.

Source: https://www.ac2news.com/2019/08/families-go-deep-in-debt-to-stay-in-the-middle-class/

Leave a Reply

Notify of

More from Against Crony Capitalism: