Excessive Debt: Why The U.S. Economy Can't Grow

Household, business and government debt is now at $36.5 trillion, a new record.

 This $36.5 trillion of total debt does NOT include the government's unfunded Medicare and Social Security liabilities.

Total government debt now stands at 65% of GDP, a level unseen since World War II.

Total household debt relative to GDP stands at 66%, a far cry from the historical average of only 37% dating back to 1951.

BOTTOM LINE: Until this enormous household, business and government debt overhang is significantly reduced (aka deleveraging) sustained, robust economic growth is highly unlikely.