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Date: 2024-06-19 Page is: DBtxt003.php L0900-PE-US-Household-Income-Debt-1972-2008
US Household Income & Debt
From 1972 to 2008
What is making hard working people mad as hell?
This graph explains very clearly what it is that is stressing working people and making them made as hell
From 1972 to the early 80s, the amount of household debt remained fairly constant, but by the end of the 1980s household debt started to increase. In 1972 household debt was just 6.9% of annual income and by 2008 had increased to 22.5%. Why was this?
One reason was that the Reagan era deregulation meant that it became possible for banks to 'market' their products in all sorts of ways that would be good for the banks' bottom line. At the same time company advertisers continued to promote products as they always have in order to keep up consumer demand ... and even though the buying power of consumers based on their incomes was flatlining, access to new credit from banks enabled company sales to remain robust. This was an economic arrangement that was good for the banks and good for companies but very damaging for people and society.
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