That's since the beginning of GWB's presidency. Outsourcing of jobs, the recession, and economic instabilty caused that.
Overall, 44% of the 65-plus households hold at least some debt and the average household owes $26,000 - also more than double its 2000 level
Speaking as an "over 65", that's what I'm describing. The average debt wasn't high at all in 2000, and would easily be paid off with selling the house (again, the prevalent situation, not the only one). Then real estate values collapsed and interest on savings went to near-zero. That meant people had to use up their savings and accrue debt to pay bills.
It does not turn around without stable jobs that provide incomes which allow people to pay their bills and save for emergencies.
“It does not turn around without stable jobs that provide incomes which allow people to pay their bills and save for emergencies.”
You folks should be ok. It’s the group behind you with 3x as much debt and fewer assets (about half), that is going to be in trouble.
The money’s going to come from somewhere, and it’s going to come from us. They are going to try to bail out boomer debt, since that’s where the votes are.