IPFS News Link • Economy - Economics USA
Debt-Serfdom Is Now The New American Norm
• www.zerohedge.comTrapped assets that generate no income streams in the present are not capital; the value of such non-productive assets is illusory. Strip away these trapped assets and the reality is revealed: most American households toil to service their debts.
The typical American household is insolvent: its debts exceed its assets. There is nothing fancy about calculating insolvency: if debts exceed assets, the enterprise is insolvent. By this measure, most American households are insolvent, if their real assets are marked to actual market.
Auto loan balance: $9,000
Credit card balance: $6,000
home mortgage: $250,000
Student loans: $60,000
And so on.