Class And Generational Conflict Are Going To Get MUCH Worse

Many people know that the US national debt is currently at over $22 trillion. Many may not realize that this is the highest level of debt which has ever existed by any nation at any time in history. US debt accounts for 1/3 of all debts by nations globally.

Yet most people do not realize that US consumer debt has also skyrocketed. US household consumer debt has increased to $13.54 trillion as of the 4th quarter of 2018, according to the Federal Reserve Bank of New York. This is higher than 2008, before the crash and 21% higher than 2013.

Corporate debt is reported as being $9 trillion, according the CNBC on 11/21/18.

This all comes at a time while student loan defaults are at the highest level in history, vehicle loan defaults are higher than 2009, corporations are downsizing or declaring bankruptcy and retail closures may well reach record numbers for the second year in a row. As corporations downsize or fail, that affects consumer income, leading to more debt, more defaults.

As of this moment, the only reason we are not seeing a rise in home foreclosures is because new property loans since 2009 have primarily been to equity owners. In other words, companies that buy property to rent out, rather than for direct occupancy. Those corporate owners got a reprieve via the bipartisan tax cut but that has a limited beneficial time frame. While rents have increased, so has the percentage of vacancies nationally.