Feeling Poorer These Days?
On a positive note, house hold debt also contracted this quarter, the second consecutive quarter. Home mortgage debt didn't grow at all and consumer credit debt contracted at an annual rate of 3.5 percent.
Just the opposite has happened with state and local government debt this quarter, debt has increased at an annual rate of 5 percent last quarter. Anyone see higher state taxes, property taxes and sales taxes in the future?
Surprisingly Federal government debt growth slowed down this past quarter to 23 percent, down from the prior two quarters of nearly 40 percent growth.