find yourself another day older and deeper in debt..
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Nov 30 08:51 PM
What we find most interesting about these types of articles is that they do NOT cover all debts. One must ask: "Why not?"
The size of "educational loan debt" is now larger than credit card debt - but you don't even mention that one.
One does not know which is larger, the unfunded local pension debt, the unfunded state pension debt, the unfunded Federal military and/or civilian debt, OR the unfunded business/private pension debt.
Business/corporate debts are at all time highs in size & percentage of income. You talk about personal mortgage debts, but you do not talk about even more highly leveraged commercial mortgage debts.
You totally ignore medical care debts - Cost not covered by any insurance, by Medicare/Medicaid, or for long term nursing home care. The SS drug bill was not paid for - then or now. The care cost for our gulf & Afghan veterans has not been budgeted or paid for - then or now.
The SS unfunded costs are in the Trillions, the Medicare/Medicaid unfunded costs are in the Trillions, the yet to be written off bad RE, credit card and commercial/construction bank loans are in the Trillions.
And you say we are learning The Lesson.
As Seth N Amy asked U.S. weekly on SNL: "Oh, really?"
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Americans (Finally) Learning Lesson on Debt
http://seekingalpha.com/article/239330-americans-finally-learning-lesson-on-debt
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