Yes, JL, I agree.
Below I've posted the outstanding debt numbers. Even though mortgage debt is nearly as large as Treasury debt, I don't feel it's as large a problem as our ongoing budget deficits.
People can forgo new mortgages if they wish... but our nation HAS to sell new debt:
Debt monster Size on 12/31/03
Open market paper $ 1,293.1 billion
U.S. government securities 10,104.2
Municipal securities 1,899.4
Corporate and foreign bonds 6,840.4
Bank loans n.e.c. 1,292.4
Other loans and advances 1,514.7
Mortgages 9,465.4
Consumer credit 2,039.7 billion
Total $ 34,449.2 billion |
