On The Importance Of Deflation And Depressions

Without question, U.S. consumers have buried themselves under a huge mountain of debt. The latest report from the New York Federal Reserve shows that total household debt has eclipsed $17 trillion for the first time ever. Of this, $12.04 trillion is mortgage debt, followed by $1.60 trillion in student debt, $1.56 trillion in auto debt, and about $1 trillion in credit card debt. Other debt, at $510 billion, and home equity line of credit, at $340 billion, round out the debt pile.