ON THE WORLD SCENE - Gene H Hogberg - November 15, 1978

Gene H Hogberg

With increasing numbers of economists predicting a recession in the United States for 1979 (a mild one, they hope), it might be good to examine how well the U.S. economy has fared since the last slowdown about three and-a-half years ago. The answer: not well at all. The relative prosperity Americans have enjoyed has been largely a false one, fueled by an unprecedented explosion of indebtedness. Total debt in the U.S., public (governmental) and private, has in this short period of time zoomed up 42% from around $2.5 trillion to $3.9 trillion! - Information Supplied By: Herbert W Armstrong Library