Americans are cutting their debt faster than other countries, setting the stage for the nation’s economic recovery, says a new report from McKinsey Global Institute.
Since the financial crisis, U.S. household debt has fallen by $584 billion, or 15 percentage points relative to disposable income, which is more than in any other country.
How is that going to work when our government has accumulated staggering levels of debt and keeps making promises of benefits that cannot be paid?
There will be no real recovery until entitlements are reformed and we start spending less than we take in in tax revenues.
We cannot continue to borrow 41% of every $ the federal government spends and hope for any meaningful recovery.
We lead the world in accumulating government debt.
Thanks NICK the USA is hurting and Has been hurt in the past .
They are still one of the greatest countries in the world and with support of the public like you and others it will soon be in great shape.
… Roy
… if we can just get *government *debt under control.
And that is what will sink us.
We are following in the path Japan has been in for 20 years and counting.
BUT, they are a nation of savers while we are not.
My advice: Don’t store wealth (save) in U.S. dollars.
When and only when we start spending less than we take in will that happen.
How about starting with the closure of some 900+ Military installations in 130 countries around the world.
Ron Paul 2012 
Not even close to enough.:roll:
Kevin correctly suggests:
I couldn’t agree more.