Paying-Off Debt Puts the US Economy at Risk
Paying-Off Debt Puts the US Economy at Risk
By Erik Wallbank
In 1961, Roger Maris, last game of the season at Yankee Stadium, hit his 61st home run, breaking his roommate’s, Micky Mantle, record of 60. For this, Roger got a $5000 bonus, on top of his $18,000 salary, which was 3X the average salary for an American worker. Today, the highest paid baseball player makes $70M, 111X average US salary.
This increase in pay in multiples isn’t because we like baseball so much—it’s across the board. Since August of 1971 when we went off the gold standard, we have been on a credit/debt binge, with no down cycles because we adjusted interest-rates and printed ourselves out of them. For a long time it worked—but only until today or tomorrow.
Continue reading from the PDF below. Learn about debt and you will learn whats happening in the global economy.
