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Unformatted text preview: . Now a lot of people get upset about this figure, but lets take a look at the magnitude of the private debt in 2007 (latest figures available): Households: $ 13.8254 trillion Business: $ 10.0750 trillion Total: $23.9004 trillion The private sector does not have a balanced budget either! Until we learn to get our debt in order, how do we expect those we elect to get the government debt in order? Just a thought. 5 Source: Board of Governors of the Federal Reserve System, Flow of Funds Accounts, Quarterly Z.1 Release, D.3 Debt Outstanding by Sector, March 6, 2008. (http://www.federalreserve.gov/releases/Z1/Current/z1.pdf)...
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.
- Fall '10