Debt | timiacono.com - Part 3

Greekovery

Add the title above to the growing list of oddly amusing new words prompted by the ongoing crisis in Greece though, from the looks of the graphic below from this story at the Telegraph, they may be a bit premature.

Though Ireland appears to have pulled back from the abyss, never to return, the Italian economy is not looking so hot these days along with Cyprus that, until their own crisis a few years back, was flying (relatively) high.

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This story at The Nation about Baltimore’s economic ills that have led to this city being the country’s latest hotspot on police conduct and inequality points to a Pew Research poll from a couple of years ago that provides the following take on how vastly different household assets and debts are between blacks and whites in the U.S.

Note that these are averages, not medians, and the latter would show a much more accurate picture of the “typical” black or white American.

Nonetheless, the asset-to-debt ratios and the components of each offer compelling evidence of just how broad the economic/financial divide currently is between races.

Feeling Better About This?

It’s not clear in this Fiscal Times story why, in a recent survey, millennials were found to be more upbeat about their finances, but the graphic below is surely not one of the reasons.

This chart has made the rounds since surging student loan debt started making headlines a few years ago, but I’ve never seen it with a timeline going back to the early-2000s.

Obviously, the student loan curve looks much worse than when depicted from the financial crisis onward, particularly when observing the fairly neat hand-off that occurred about six years ago from credit card debt and home equity loans, the latter continuing to decline.

The Student Loan Hockey Sticks

Via this Bloomberg story on Friday by Noah Smith come the two charts below that help to explain why the nation’s student loan mess (that continues to slowly spiral out of control despite pleas from indebted students) will not likely see any substantive reform efforts.

Granted, the lower chart is a bit misleading because it doesn’t include Federal Reserve assets (another even more impressive hockey stick) or land owned by the federal government. Nonetheless, this is the sort of thing where it is sure to end very badly and whoever touches it between now and then is likely to be blamed for that outcome.

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