The Fact the Media Missed: Overall Debt in the United States Grew at the Fastest Rate Ever Last Year
Economist Dean Baker, in his weekly newsletter (March 8, 2004):
Nation's Debt Grew at Rapid Pace in 2003 Eduardo Porter
New York Times, March 5, 2004, Page C4
This article reports on new data from the Federal Reserve Board on debt and financial flows in 2003. It notes that overall debt, and especially consumer debt, grew at their fastest pace since the mid-eighties. It is worth noting that the inflation rate in the mid-eighties was approximately 3.5 percent, while it was less than 2.0 percent in 2003. In real terms, the rate of debt growth in 2003 was the fastest on record.
comments powered by Disqus
- Yale's Jay Winter sums up what we should remember about WW I
- Plagiarism scandals galore … but no consequences?
- Stephen Cohen was once considered a top Russia historian. Now he publishes odd defenses of Vladimir Putin, says critic
- Historian who calls bull&%$@ on July 4th parade causes controversy
- This is what motivated history students in high school and middle school can do!