https://michaeltsnyder.substack.com/p/tens-of-millions-of-americans-are?
Did you know that U.S. households are 17,690,000,000,000 dollars in debt? Of course household debt is only one part of a much larger story. The federal government is 34 trillion dollars in debt, state and local governments are absolutely drowning in debt and unfunded liabilities, and corporate debt is at an all-time high.
As a society, we are on the greatest debt binge in the history of the world, and it just gets worse every single year.
Previous generations handed us an economy that provided us with an incredibly high standard of living, but we always had to have more. So we have been borrowing and spending with no end in sight, and now our day of reckoning is fast approaching.