Collective Denial the American Dream is Over: US Consumers Still Racking Up Debt

This article briefly discusses the growth of financial bubbles, not only in China, but in Europe and Australia. As for the US, when credit card debt, car loan debt, student loan debt and mortgage debt is taken together, the average US household is $134,643.00 in debt. The Chinese are owed $12.58 trillion in US consumer debt. Interpreted psychologically, what does the US debt mean to US citizens? We are in collective denial that the standard of living has been in decline for 45 years.

Read in Global Research

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About Barbara MacLean

Barbara MacLean has worked as an academic and career counselor at California State University, East Bay (CSUEB), Merritt and West Valley Colleges and as a career counselor and manager of the Oakland One Stop Career Center, a public career and jobs center in partnership with EDD. She is a co-founder and editor of Planning Beyond Capitalism.

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