4/23/2015 – Assume you have annual income of $60,000 and credit card debt of $10,000. No problem.
Assume you have the same income but credit card debt of $360,000. Big problem!
The US government has annual income of approximately $3 Trillion and official debt in excess of $18 Trillion. This does not count other liabilities such as Fannie and Freddie, and massive unfunded liabilities. But assuming “only” $18 Trillion in debt (optimistic) the US has the same ratio as a family with $60K income and $360K in credit card debt… read more