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Huge Debt Overhang Prevents Spending/Growth/Jobs

This chart from today's New York Times article "Low Rates May Do Little to Entice Nervous Consumers" explains a great deal about the predicament the US is in.  

The economy cannot revive unless spending revives because consumer spending is 70% of GDP.  Consumers don't have money to spend, however, if they have using more and more of their money to pay off old debts, which is what the chart shows and the article discusses. 

None of that even mentions that consumers can't spend if they are unemployed or can't find full time work, which totals about 25 million Americans at the moment.

These two facts combine to make things look very, very bleak for the economy. 

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