August 16, 2013
DELEVERAGING: Total US Household Debt at Lowest Level in Seven Years. This is generally good news — though I suppose a reluctance to carry debt doesn’t bespeak great confidence. But since I think most people, even seven years ago, were carrying too much debt, it’s an improvement.
Except for this: “There’s still a lot of work to do, especially when it comes to student loans. As long as a college education remains both essential to securing a good job and increasingly expensive, student loans will continue to burden households.” The current student-loan system is immoral and needs to be fix. And, by the way, a bailout isn’t a fix.