This Alarming Map of How Deep in Debt Americans Are Shows Us the Real Strength of Our ‘Recovery’
The USA Today published a map based on Urban Institute figures that give us a perfectly clear idea about how deep in debt Americans are.
According to the Urban Institute, as many as 35% of Americans are currently in debt collections. The USA Today reports that the 77 million people in debt collections owe an average of $5,200 in debt.
Accompanying this is a map of the average debt of each American by state:
Most of the debt being accumulated is due to the hangover of the housing market crisis, when the American people lost a third of their wealth. In addition, college students now owe a collective $1 trillion, the U.S. government currently owes $17.6 trillion, and future generations owe at least $100 trillion.
The states with the highest debt loads tend to be southern states, along with Washington D.C. and Nevada.
The U.S. government’s attempt to prevent voters from facing the consequences of their decisions is leading to an unsustainable economy. Our system is falling prey to the popular delusion that it is possible to maintain the American Dream without everyone having to work hard to achieve it.
Those citizens who are most willing to work hard to achieve the American Dream have to face a tough reality: the government is working as hard as they are to confiscate their earnings and to redistribute them.
The economy gets increasingly inefficient due to government intervention, and more debt is needed to patch it over. The cozy dream that massive debt can be prolonged in perpetuity is a comfortable one – one that is always followed by a rude awakening.
At what point do Americans look at debt for what it is: a sign that the current economic system isn’t working?
https://www.ijreview.com/2014/07/162503-see-map-deep-debt-americans-youll-doubt-recovery/
Who is John Galt?
“Those citizens who are most willing to work hard to achieve the American Dream have to face a tough reality: the government is working as hard as they are to confiscate their earnings and to redistribute them.”
Who is John Galt?
every one bend over and kiss your ass good buy.
Its Bush’s fault.
It’s basically a map that represents average academic levels. The ability to successfully manage ones own debt has everything to do with logic.