April 14, 2016
PARTICULARLY GIVEN HOW TRIVIAL THE AMOUNT IS:
Time Magazine Is Wrong: You Shouldn't Ever Worry About Your Share Of The US National Debt (Owen Davis, 04/14/16, IB Times)The latest issue of Time magazine features a stark red cover with a strident warning:
"DEAR READER," it reads. "You owe $42,998.12." As it goes on to explain, "That's what every American man, woman and child would need to pay to erase the $13.9 trillion in U.S. debt." [...]
"It just seems unbelievably silly," said Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. "This has nothing to do with people's future living standards, nothing to do with the ability of the government to pay back its debts. It's basically zero information."
Net worth jumps in U.S. households (The Associated Press Mar 27, 2016)
Americans' household wealth jumped in the final three months of last year, pushed higher by rising stock prices and greater home values. That leaves many households, particularly wealthy ones, with more money to spend - a potential boost to economic growth.
The Federal Reserve said Thursday that U.S. household net worth increased 1.9 percent in the fourth quarter to $86.8 trillion, up from $85.2 trillion in the third quarter. Americans' stock and mutual fund portfolios grew $758 billion. Home values rose $458 billion.
Posted by Orrin Judd at April 14, 2016 4:29 PM