First this is debated in econ circles, how much of an effect if any besides a theoretical one. Second what is the opportunity costs for individuals debt vs goverment debt are very different, people warp their life plans around personal debt such as do we get married, do we buy
Sure. But there is definitely a point where the amount of debt and the pace of new debt accumulation starts to weigh on the real economy Absent a very activist monetary policy, we would be deep in that moment right now. That ought to at least make us concerned about the future
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a house, do we have a kid, how many kids etc. Personal debt may lead to less opportune choices on mass for individuals can not do consumption and debt smoothing in a way goverments can for govts are a collection of individuals and thus they can amoleriate and smooth out finances
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