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Originally Posted by rickholio
It would appear that, at least since the Bush 2 junta, that the middle class lifestyle has been financed almost wholey on credit.
That's some scary shit right there. Consumers, in the last year, have spent 322 billion more than they've earned.
Yikes!  |
That usually happens when unemployment is high. People live off of credit.
Granted the average american ALWAYS spends more than he makes, which is definitely not sustainable long term.
That asterisk says something about residential investment. Could the home refinancing boom of the last few years be skewing those numbers?