Fr Stephen Smuts

Americans Are More Indebted Than the US Government

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Yahoo Finance reports:

… Strangely, as the U.S. citizenry passionately criticizes their government for running up the budget deficit, a greater irony is afoot: When it comes to debt management, Americans are sadly worse than their government.

While government debt sits at 94 percent of national revenue, U.S. household debt sits at a whopping 107 percent of personal income. The household balance sheets of Americans are in worse condition than anytime since the Great Depression. The ratio of household debt-to-GDP is greater than anytime since 1929. And while we all are trying to comprehend a poorer nation, many American’s have not yet comprehended their own personal poverty…

Read on here.

… Criticizing government fiscal irresponsibility should in turn lead us to honest self examination…

Written by Fr Stephen Smuts

July 30, 2011 at 21:40

Posted in Culture

Tagged with , , , , , , ,

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