Kevin Drum pushes back on the WSJ claim that household debt is a problem in America, and Kevin brings the receipts:“. . . debt as a percent of disposable income . . . is currently lower than it was at the end of 2019 (9.8% vs. 10%).“. . . household debt as a percent of GDP . . . went up during the pandemic and then back down. It is currently lower than it was at the end of 2019 (76.2% vs. 77.7%).“Total credit card balances today are precisely the same as in the final quarter of 2019.”US families have no serious debt problems Tags: debt as a % of disposable income is lower, household debt as a % of GDP is lower, total credit card balances are the same as 2019
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Joel Eissenberg considers the following as important: debt as a % of disposable income is lower, household debt as a % of GDP is lower, total credit card balances are the same as 2019, US EConomics
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“. . . debt as a percent of disposable income . . . is currently lower than it was at the end of 2019 (9.8% vs. 10%).
“. . . household debt as a percent of GDP . . . went up during the pandemic and then back down. It is currently lower than it was at the end of 2019 (76.2% vs. 77.7%).
“Total credit card balances today are precisely the same as in the final quarter of 2019.”