America's Total Debt Report
mwhodges.home.att.net
exerpts..
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65% ($24 trillion) of today's debt was created since 1990.
in 1957 there was $1.86 in debt for each dollar of national income, but today there is $4.27 of debt for each dollar of national income.
Per capita real debt has increased from $26,381 in 1957 to $128,560 today - - 5 times more debt per person, adjusted for inflation.
the financial sector's debt ratio zoomed from 5% of the economy's national income in 1957 to 130% of today's economy
In 2003 household debt was up 11% over the prior year to $9.4 trillion, including $6.8 trillion mortgage debt and $2 trillion credit debt.
average automobile loan today is for 63 months, with some going as high as 80 months, compared with an average of less than 48 months five years ago - - and about 24 months in the 1950s.
42% of Americans are making just minimum payments or no payments on their credit card balances, according to the Cambridge Consumer Credit Index in March 2004. Of those respondents surveyed with revolving balances on their credit cards, 39% made only the minimum payment due and 3% made no payments at all last month.
The federal General Accounting Office, according to AP's Martha Irvin in January 2002, says college students are graduating with an average of $19,400 in student loans. Additionally, average student credit card debt rose 46% from 1998 to 2000, according to the student loan agency Nellie Mae.
[as compared to 1928], citizens work about 3 times longer to pay all taxes each year
[as compared to 1946], there are 3 times more state & local government employees per every 100 citizens
the federal government spending ratio has reached 25% of national income - representing 10 times more growth in government spending than growth in the economy since 1930
America's debt position is such that foreign interests now own more and more of America - - about "$8 trillion of U.S. financial assets, including 13% of all stocks and 24% of corporate bonds", according to Bridgewater Associates. According to the Federal Government Debt Report, foreign interests also own 40% of U.S. government Treasury bonds & notes and 14% of U.S. government agency debt (such as household mortgages financed by Fannie Mae) up from 5% in 1995. The largest supplier of mortgage funds is Fannie Mae which borrows the money on the open market - - and,. according to Bloomberg Sept. 2002, "about a third of the Fannie Mae's benchmark debt is sold outside the U.S." |
