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The total debt reduction from the peak, says the Fed, is $954 billion. Loan write-offs, at $585 billion, account for 60% of that. In other words, for all the chest-thumping about how Americans are repairing their balance sheets and how we aren't a nation of deadbeats, in the past five years Americans have walked away from $3 in debt for every $2 they've paid off.
In the first quarter of 2010 alone, about 13% of all credit card debt was just written off.
The total debt reduction from the peak, says the Fed, is $954 billion. Loan write-offs, at $585 billion, account for 60% of that. In other words, for all the chest-thumping about how Americans are repairing their balance sheets and how we aren't a nation of deadbeats, in the past five years Americans have walked away from $3 in debt for every $2 they've paid off.
In the first quarter of 2010 alone, about 13% of all credit card debt was just written off.
It is everyone else's fault NEVER the liberal chest thumpers.
Yup... blame the citizens not the corporate bail outs, meanwhile take away all the jobs forcing people onto welfare.
Oh it's the citizens alright.
Forcing people onto welfare? Is that why we need to have millions of immigrants coming here to work every year? Obama is doing all he can to bring in more cheap laborers -- like they say, to do all those jobs that Americans won't do -- because far too many Americans are content to never work but live off government handouts forever. Why work when the taxpayers can provide for you?
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