Fantasy land
The ultimate American fantasy is the idea that you can spend today and pay tomorrow. Today consumer debt makes up almost 80% of the national gross domestic product. In 2007, just before the great recession, consumer debt was over 95% of the GDP and personal savings was below 2%. Do you see a connection here? Our “paper economy” is built largely on DEBT. That is not sustainable. The main culprit in 2007 was mortgage debt. Now we see college debt Read More