Private Sector to Play “Atlas” in “The Debt Repayment Story

The Astonishingly Worse News (AWN) is that this crushing weight of $2.418 trillion of credit card debt is only a tiny 6% of all the $11.7 trillion in private debt!

And, since you are now paying attention to the fact that there are less than 100 million workers in the private sector and who are the only people who can produce enough profits with which to pay all of this private debt, you instantly calculate that this is $117,000 per worker! Yow!

In case you were wondering, as I wondered, the $11.7 trillion in total private debt (according to the Federal Reserve Bank of New York) is composed of 74% mortgage debt, 6% of the debt is from a revolving line of Home Equity credit, 7% of total debt is auto loans, 4% is student loans and 3% is classified as “other” debt! Wow! That’s a lot of debt!

Government has set a poor example for its citizens by spending above its means. Following this example, private citizens are mired in a morass of debt and are trying to recover by saving, economizing and paying off their creditors. Government criticizes Americans for this behavior and continues to squander its resources since we can no longer afford to squander ours. The Mogambo Guru is livid to the point of losing it.