Wednesday, July 27, 2011

Debt Facts As Nation Slouches To Default

Watching the national fight over raising the debt limit makes me feel like a backseat passenger in a car as the driver and a front seat passenger fight over the wheel, while the car speeds toward a cliff.

We are not going to default. Tell me we are not going to be so reckless as to damage forever the full faith and credit of the United States of America.

In the meantime, here are some debt facts: national debt is $14.3 trillion and household debt is $13.4 trillion. Average credit card debt is $14,687. Median net worth has fallen from $125,000 in 2007 to $96,000 in 2009.

Decline of housing values and unemployed or underemployed using savings both have caused falling net worth.

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