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Federal Reserve Bank of Richmond: Richmond Fed's Economic Quarterly Examines Whether American Consumers Are Living Beyond Their Means
RICHMOND, VA (MARKET WIRE) Throughout American culture, credit typically has been seen as a good thing, while debt has had more negative connotations. Are these perceptions valid? And are today's Americans "drowning" in debt? Not necessarily, if you're looking at the economics of borrowing. From that vantage point, the story is quite different. John A. Weinberg, the Bank's Director of Research, looks at the recent history of