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Forum Post: Private Debt and Public Recovery

Posted 1 year ago on Jan. 28, 2013, 9:54 p.m. EST by desolationpress (11)
This content is user submitted and not an official statement

I posted a new essay about the nature of debt, and the risks we face as the next bubble gets ready to pop ...

See http://www.desolationpress.com/essays/allthemarbles.html

I would appreciate any feedback.

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[-] 1 points by Narley (-624) 1 year ago

Debt is not inherently bad, both public and private. Without debt very few people could afford a home, few people would own a reliable auto and few people could afford college. Without debt we would not be such an affluent nation.

Debt (credit) is used by companies to get people to buy every new shiny thing that comes along; big screen TV’s, overly expensive cars, the latest and greatest cell phone, etc… . While we can legitimately blame corporations for gouging us, we must also accept part of the blame for going so far into debt. I read today the younger generation has more credit card debt than any other generation.

Yes, the corporations need to be reigned in, but until we learn to manage our debt it won’t do much good.