For all the talk of government spending and government-held debt, according to finance expert Richard Vague, the true threat to the economy is privately-held debt. The Great Depression of the 1930s, the economic collapse of the past decade, and many other sharp downturns around the world all had one thing in common: they were preceded by a spike in privately-held debt. Currently, American consumers owe over $11.5 trillion in debt. Are we on the cusp of another economic crisis?
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New America