If we are all as concerned as we claim to be about the staggering amount ofdebt our country has run up, we all need to get real about numbers and words, acknowledge that we have choices, and quit playing politics with our future prosperity.
McKinsey makes the striking claim that "the ratio of UK household debt to disposable income would not return to its pre-bubble trend for up to a decade" - which implies that as we in the UK look for a return to more normal levels of economic growth, momentum is not going to be provided by consumer spending for perhaps up to 10 years.
The company said it has only received a portion of its insurance claim in advance, straining liquidity tothe point that it could no longer satisfy its debt obligations.
At the end of the day, President Obama can always claim that the GOP is threatening the U.S. with a debt crisis in order to pass spending cuts, and everyone knows neither Republicans nor Democrats are about to let the government default.