Where do you think this is going????
Let's look at the BIG areas of our economy.
Finance....Housing....Commercial Real Estate..Autos...Technology....Health Care......Government
Just the above pretty much cover our entire economy. If you think about it, easy credit drove all of them.....
Easy money to buy houses and commercial real estate.....same with autos.
Sales and Profits in finance, autos, housing and CRE drove trillions to government which in turn drove trillions to health care and technology.
Now that few are borrowing, finance is simply being subsidized by government.
Housing, CRE and Autos are in a severe depression with sales down 50% and more and revenue to government is evaporating.
Without government spending, Health Care and Technology revenues contract dramatically. We are already seeing technology sales down 20% and more routinely.
So what is the driver? We have OVER 5X the debt compared to savings while revenues and incomes are shrinking.
If the government simply prints trillions to cover health care and defense costs without revenues coming in, interest rates will skyrocket, the dollar will implode, and our nation crashes.
If the government cuts expenses.....you can figure that one out........