America's Addiction to Debt Finally Crashes the System

By John F. Ince, AlterNet
Posted on September 18, 2007, Printed on September 18, 2007
http://www.alternet.org/story/62787/

We have to deal with the fundamental reality that Americans are addicted to debt. Debt today in the United States is at an all-time high in each of the three primary sectors: public, corporate and consumer debt. The national debt last week topped $9 trillion, up from approximately $5 trillion when George Bush took office.

To put this in perspective, the government of Bush & Co. has borrowed almost as much as the governments of all the other presidents of the United States combined. Consumer credit is now at scary levels almost: $2.5 trillion, and analysts are beginning to speculate that credit card debt could be the next bubble to burst. Corporate debt has reached astronomical levels through highly leveraged private equity deals, and no one knows just how how much froth is still in the system.