28 Jun, 2014
Total US debt soars to nearly $60 trn, foreshadows new recession — RT USA
America – its government, businesses, and people – are nearly $60 trillion in debt, according to the latest economic data from thethe St. Louis Federal Reserve. And private debt – not government borrowing – is the biggest reason for the huge deficit.
Total US debt at the end of the first quarter of 2014, on March 31 totaled almost $59.4 trillion – up nearly $500 billion from the end of the fourth quarter of 2013, according to the data. Total debt (the combination of government, business, mortgage, and consumer debt) was $2.2 trillion 40 years ago.
“In 50 short years, debt has gone from being a luxury for a few to a convenience for many to an addiction for most to a disease for all,” James Butler wrote in an Independent Voters Network (IVN) op-ed. “It is a virus that has spread to every aspect of our economy, from a consumer using a credit card to buy a $0.75 candy bar in a vending machine to a government borrowing $17 trillion to keep the lights on.”
Read the rest: Total US debt soars to nearly $60 trn, foreshadows new recession — RT USA.
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