This chart tracks the relationship between household debt and gross domestic product. You'll see two years when Americans' debt becomes 100 percent of GDP -- 1929 and 2007. It's the chart that made Columbia professor David Beim say:
"The problem is us. The problem is not the banks, greedy though they may be, overpaid though they may be. The problem is us... We've been living very high on the hog. Our living standard has been rising dramatically in the last 25 years. And we have been borrowing much of the money to make that prosperity happen."
categories: Understanding The Crisis
Comments
Please note that all comments must adhere to the NPR.org discussion rules and terms of use. See also the Community FAQ.
You must be logged in to leave a comment. Login | Register
More information needed to participate in the NPR online community.. Add this information