Beginning at the 1:51 mark, Steve Liesman, who majored in English in college and not finance nor economics, but who gets paid to talk finance, commerce and the U.S. economy babbled the most ludicrous claim.
Liesman said, "Overall debt levels are very low and a sign of terrible confidence in the economy."
And yet reality contradicts Liesman, smartly so. In short, Liesman ought to quit TV and start reading books. He doesn't know anything about the state of trade of Americans.
True Consumer Debt has never been higher than right now and that goes for the entire history of the United States of America.
True Debt to True GDP from when Nixon slammed shut the gold window to the low of the Clinton Presidency averaged 12.6%. Today, it's at a record of 18.2%.
To see more on the American consumer, check out TRUE STATE OF THE UNION: INDIVIDUALS AND CONSUMERS, THE BIG PICTURE.
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