A $60 Trillion Inheritance…in Debt

Wishing a better life for our children is normal.  Actually setting aside our personal wants in favor of our children is more complicated in practice.  The next generation will inherit a record $60 Trillion in total U.S. debt—government debt, business debt, mortgage debt and consumer debt. (See chart below) Furthermore, the growth of student loan debt, a $1.2 Trillion subsection of the total $60 Trillion debt, is outpacing consumer credit card debt and auto loans.

Welcome to the new millennium.

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Chart courtesy: