- Despite the long bull market, more Americans today have more debt than money in the bank than at any point since 1962, according to Deutsche Bank.
- American household savings levels are at levels last seen in December 2007… right before the economy slipped into a recession that spurred the global financial crisis.
- And total U.S. consumer debt – credit cards, auto loans, and student loans – just surged by the most in two years to $3.8 trillion.
- And government debt… is creeping toward a $1 trillion deficit per year. The national debt has topped $20 trillion.
If these folks can’t save or make their payments in a strong economy… how will they do it when interest rates go up and the next inevitable recession hits?
The answer is that they won’t.
-Steve Longenecker