Debt

Borrow now as an investment in the future. Use the investment to make profits to pay back the debt. The mantra of economics trumpets this message over and over.

The US national gross debt is about $10trillion. New York State has a debt of $128billion (including public authorities). New York City has a debt of $59billion.  Personal household debt for the US is $11.4trillion. Residents of the US maintain a revolving credit card debt of $1trillion. Add this up to find a per capita debt load of over $73 510 per person. Yet, in New York City, the per capita annual salary is about $48 631.

Energetic work is needed to pay the debt. If the energy supply falters what does this mean for the future that we have so fully indentured?

 

 

One Response to “Debt”

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