No. of Recommendations: 2
There was no miracle about supply-side economics. The "miracle" -IMO- has been fueled by federal debt, not personal debt.
It was both. I have posted the graphs from time to time, over the years: drawdown of personal savings and accumulation of both government and personal debt.
How do people manage to pay for the huge SUVs that are so popular now? They finance for 7 or 8 years, instead of the traditional 3. Trump the Most Perfect proposed 50 year mortgages, instead of 30, for the same reason, so people can make the payments on the bigger, more profitable, houses that companies like Pulte want to build. To TPTB, the solution to everything, is getting the Proles farther in debt.
Steve
