DailyLimerick.com

Drowning in Debt

July 11, 2009

In an article entitled U.S. Debt Shrinking at Glacial Pace, USA Today reports that despite the deep recession, consumers have not made great strides in reducing household debt. This figure almost doubled from 2000 to 2008 peaking at $13.9 trillion. According to the Federal Reserve, household debt has dropped in 2009, to $13.8 trillion. This reduction is noteworthy as it marks the first time since World War II that Americans have reduced their debt. In addition, the savings rate increased dramatically to 6.9%, previously a negative number before the financial crisis.  


The credit bubble caused great economic regret
We have close to $14 trillion household debt
Consumers are learning to save
And not purchasing what they crave
Let’s hope these are lessons the public won’t soon forget