Disposing of Income That We Don't Have
In 1959, debt made up 58.8% of a typical household's disposable income. In 2007, the figure jumped to 141.3%. Mortgage debt (103.3% in 2007) was 37.1% in 1959; consumer credit went from 16.3% ('59) to 25.1% ('07). Particularly disturbing, when one considers the recent Commerce Department report that consumers' disposable income has suffered its worst recorded decline.
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