4. People still owe way too much money.
Households, corporations, states, local governments and, of course, Uncle Sam. It's the debt, stupid.
According to the Federal Reserve, total U.S. debt—even excluding the financial sector—is basically twice what it was 10 years ago: $35 trillion compared to $18 trillion.
Households have barely made a dent in their debt burden; it's fallen a mere -3% from last year's all-time peak, leaving it 2 times the level of a decade ago.
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