A Nation Addicted to Oil -- and Debt
Tom Petruno writes for the Los Angeles Times about the US economy and the addiction that both consumers and government have to debt.
U.S. household debt, including mortgages, jumped from $6.4 trillion at year-end 1999 to $11 trillion by the end of the third quarter last year, a 72% increase, according to Federal Reserve statistics. The growth rate in household borrowing has reached double digits in recent years, a pace not seen since the mid-1980s.
Add your comment... (note that all comments are reviewed before they're published)