Noted political and economic commentator Gary North has said Americans won’t pass on their debt to the next generation. And he appears to be right. Americans are simply repudiating their personal debts.
Almost a trillion dollars of federally-back student loans are simply not being paid down. An estimated 4 million home owners are not making their monthly mortgage payments and are still living in their homes. Given the choice between making a mortgage payment or a car payment, Americans are choosing to avoid repossession of their car they need to get to their job preferentially over going into foreclosure on their home.
Thursday, April 5, 2012
The One-Percent Revolution: National We-Won’t-Pay Day by Bill Sardi