Michael Snyder – November 21, 2017
Once upon a time the United States had the largest and most vibrant middle class in the history of the world, but now the middle class is steadily being eroded. The middle class became a minority of the population for the first time ever in 2015, and just recently I wrote about a new survey that showed that 78 percent of all full-time workers in the United States live paycheck to paycheck at least part of the time. But most people still want to live the American Dream, and so they are going into tremendous amounts of debt in a desperate attempt to live that kind of a lifestyle.
According to the Federal Reserve, the average U.S. household is now $137,063 in debt, and that figure is more than double the median household income…
The average American household carries $137,063 in debt, according to the Federal Reserve’s latest numbers.
Yet the U.S. Census Bureau reports that the median household income was just $59,039 last year, suggesting that many Americans are living beyond their means.
As a nation, we are completely and utterly drowning in debt. U.S. consumers are now nearly 13 trillion dollars in debt overall, and many will literally spend the rest of their lives making debt payments.
Comment: John Durrad http://www.setapartbytruth.org
It Is very difficult to understand these figures that are so immense and continuing to grow. If an individual has a debt then over time that debt should get smaller until it is paid off. Otherwise that individual faces court action and loss of everything, even a prison sentence. The Bible gives some simple advice.
“Then she came and told the man of God. And he said, go, sell the oil, and pay the debt, and live thou and thy children of the rest.” 2 Kings 4:7
It just doesn’t seem possible though that people are able to live within their means. It is a shame that even in our developed nations young people are finding it increasingly difficult to buy or rent homes, having to stay with their parents for a lot longer that should be necessary.
Perhaps it would be better to wipe out all debts and start again. It will happen, but we will need God’s help to implement it.
“And forgive us our debts, and we forgive our debtors.” Matt 6:12