Summary

It's economic nonsense. Debt does matter because debts either have to be repaid, or you have to reboot the whole system (declare personal bankruptcy or national bankruptcy). And that's exactly where the United States is heading, both on a personal and federal level. We are a nation of spenders, not savers, and due to the fact that there seems to be no fiscal discipline left in the country, the most likely outcome will be, someday, a complete collapse of the U.S. dollar on the world currency markets coupled with widespread economic ruin in the U.S.

Party while you can, folks, because this spending spree won't last forever. You can't change the laws of physics or economics.

Original source:
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/ Article_Type1&c=Article&cid=1077577808910&call_pageid=968350072197& col=969048863851

Details

• WASHINGTON---American households' finances are generally in good shape even though consumers have built mountains of debt and bankruptcy filings have surged, Federal Reserve Board chairman Alan Greenspan said yesterday.
• Decades of low interest rates and extra cash from refinancing have given people flexibility to better manage their debt, the Fed chief said in a speech to a credit union conference.
• Consumer debt hit a record $2 trillion (U.S.) in December, according to the most recent figures from the Federal Reserve.
• When the debt-service ratio is high, households have less money available to buy goods or services, the Fed chief explained.

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