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Has America Become a Nation of Deadbeats?

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  • Description

    FBN’s Gerri Willis on America’s rising debt.

  • Duration 1:59
  • Date

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Are weak and nation of deadbeats.

The president says now.

Huge issue here is whether.

America pays its bills.

We are not -- deadbeat nation.

-- -- -- -- -- The evidence would seem to -- we aren't that far from being the next Greece or Spain or Italy.

Take first and foremost our nation's total debt sixteen point four trillion dollars your share of that debt more than 52000 dollars.

Annual federal deficits of a trillion and more each year for four years.

If that's not convincing enough consider household that.

Americans have walked away from 585.

Billion in mortgage credit card and other forms of personal debt over just the past five years.

That's according to mark -- watch.

That's another 6000 dollars -- household.

And while Americans have been whittling away at household debt cutting 7% from the whopping thirteen point eight trillion dollar tab we -- five years ago.

Our debts are still more than they were at the peak of the bubble in 2006.

Think about it we haven't made any real progress here.

In fact much of the debt relief comes from loan write offs not us paying down our debt.

According to the Federal Reserve of the total 954.

Billion in debt reduction.

585.

Billion or 60%.

Well more than half came from loan write -- Astonishing.

That's three dollars in debt for every two dollars we actually paid off.

Corporations are guilty to companies have defaulted on 35 to forty billion dollars in debt in recent years so.

For all the fun we made in Greece Italy and Spain and boy have wait for all their debt problems were not in much of a better position ourselves in fact.

You could say were worse because it seems we just haven't come to grips with -- -- Acknowledging the problem is the first step to fixing it and we have all wrong wrong -- ago.

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