{"id":9128,"date":"2015-06-16T05:16:25","date_gmt":"2015-06-16T10:16:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9128"},"modified":"2015-06-16T05:16:25","modified_gmt":"2015-06-16T10:16:25","slug":"we-might-as-well-face-it-america-is-addicted-to-debt","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9128","title":{"rendered":"We Might As Well Face It \u2013 America Is Addicted To Debt"},"content":{"rendered":"<h3><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/we-might-as-well-face-it-america-is-addicted-to-debt\" target=\"_blank\">We Might As Well Face It \u2013 America Is Addicted To Debt<\/a><\/h3>\n<p><a href=\"http:\/\/www.prophecyclubresources.com\/MICHAEL-SNYDER-GIFT-OFFER\/productinfo\/MS-BUNDLE\/\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-8843\" src=\"http:\/\/theeconomiccollapseblog.com\/wp-content\/uploads\/2015\/06\/Debt-Tree-Public-Domain-460x325.jpg\" alt=\"Debt Tree - Public Domain\" width=\"460\" height=\"325\" \/><\/a>Corporations, individuals and the federal government continue to rack up debt at a rate that is far faster than the overall rate of economic growth.\u00a0 We are literally drowning in red ink from sea to shining sea, and yet we just can\u2019t help ourselves.\u00a0 Consumer credit has doubled since the year 2000.\u00a0 Student loan debt has doubled over the course of the past decade.\u00a0 Business debt has doubled\u00a0<a title=\"since 2006\" href=\"http:\/\/americasmarkets.usatoday.com\/2015\/06\/11\/5-8t-companies-up-to-their-ears-in-debt\/\" target=\"_blank\">since 2006<\/a>.\u00a0 And of course the debt of the federal government has doubled since 2007.\u00a0 Anyone that believes that this is \u201csustainable\u201d in any way, shape or form is crazy.\u00a0 We have accumulated the greatest mountain of debt that the world has ever seen, and yet despite all of the warnings we just continue to race forward into financial oblivion.\u00a0 There is no possible way that this is going to end well.<\/p>\n<p>Just the other day, a financial story that\u00a0<a title=\"USA Today posted\" href=\"http:\/\/americasmarkets.usatoday.com\/2015\/06\/11\/5-8t-companies-up-to-their-ears-in-debt\/\" target=\"_blank\">USA Today posted<\/a>\u00a0really got my attention.\u00a0 It contained\u00a0<a title=\"charts and graphs\" href=\"http:\/\/americasmarkets.usatoday.com\/2015\/06\/11\/5-8t-companies-up-to-their-ears-in-debt\/\" target=\"_blank\">charts and graphs<\/a>\u00a0that showed that business debt in the U.S. had doubled since 2006.\u00a0 I knew that things were bad, but I didn\u2019t know that they were<strong>this<\/strong>\u00a0bad.\u00a0 Back in 2006, just prior to the last major economic downturn, U.S. nonfinancial companies had a total of about 2.6 trillion dollars of debt.\u00a0 Now, that total has skyrocketed\u00a0<strong>to 5.8 trillion<\/strong>\u2026<\/p>\n<blockquote><p>Companies are sitting on a record $1.82 trillion in cash. That might sound impressive until you hear companies owe three times more \u2013 $5.8 trillion, according to a new report from Standard &amp; Poor\u2019s Ratings Services.<\/p>\n<p>Debt levels are soaring at U.S. non-financial companies so quickly \u2013 total debt outstanding rose $650 billion in 2014, which is six times faster than the $100 billion in added cash.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We Might As Well Face It \u2013 America Is Addicted To Debt Corporations, individuals and the federal government continue to rack up debt at a rate that is far faster than the overall rate of economic growth.\u00a0 We are literally drowning in red ink from sea to shining sea, and yet we just can\u2019t help [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1035,1605,195,236,6069,4901,3900,827,6389],"class_list":["post-9128","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cash","tag-consumer-credit","tag-debt","tag-economic-collapse","tag-economic-collapse-blog","tag-michael-snyder","tag-student-loan-debt","tag-united-states","tag-usa-today"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9128"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9128\/revisions"}],"predecessor-version":[{"id":9129,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9128\/revisions\/9129"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}