We’ve extensively documented that too much private household debt is killing our economy.
While Ben Bernanke and other economists who are running our economic policy literally believe that the amount of private debt doesn’t matter and isn’t even important to quantify, economists at the “central banks’ central bank” – the Bank of International Settlements – and many other leading economists say that high levels of private debt create a tremendous drag on the economy.
And Obama can’t plead ignorance.
Business Insider notes today:
A number of economists privately told Obama that his recovery policies were weak in one key area: They didn’t do enough to address the mountain of homeowner debt.
The Washington Post reported yesterday:
One year and one month before President Obama won reelection, he invited seven of the world’s top economists to a private meeting in the Oval Office to hear their advice on what do to fix the ailing economy. “I’m not asking you to consider the political feasibility of things,” he told them in the previously unreported meeting. Read more....