#AceFinanceNews – UNITED STATES – June 19 – The government, businesses and people in the United States were $59.4 trillion in debt at the end of the first quarter of 2014, according to the latest economic data from the St. Louis Federal Reserve.
(Seal of St Louis Reserve)
The figure is up by some $500 billion from the end of the fourth quarter of 2013. Total debt (the combination of government, business, mortgage, and consumer debt) was $2.2 trillion 40 years ago, according to the data.
(Total Credit Market Debt 40 Years Ago)
When the 2008 crisis subsided in the year 2009 it was the first year that debt reduced as people stopped borrowing money, until the US Government started telling everyone, things are improving and everyone has more money.
(First Decline in Debt Since 1954)
“In 50 short years, debt has gone from being a luxury for a few to a convenience for many to an addiction for most to a disease for all,” James Butler wrote in an Independent Voters Network (IVN) op-ed.
“It is a virus that has spread to every aspect of our economy, from a consumer using a credit card to buy a $0.75 candy bar in a vending machine to a government borrowing $17 trillion to keep the lights on,” he wrote.
(Increase in costs since 1954 – 2014)
Economists say debt is hurting young adults the most.
A recent survey by Wells Fargo found that Millennials are spending at least half their monthly pay-checks on paying off debt.
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