US Recession Fueled by Low Wages and Consumer Debt (video)

Leo Panitch, a Distinguished Research Professor of Political Science at York University in Toronto about the fundamental connections between current economic crisis and consumer debt.

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FOX News.com

U.S. Consumer Credit Card Debt May Crash Economy

In fact, on the national level, the Bureau of Labor Statistics shows that aggregate U.S. personal income in 1990 was $4.9 trillion. In 2003, it was $9.2 trillion. The rate of growth? 188 percent — pretty far off from the 350 percent growth in credit card charges.

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International Herald Tribune

Bowring: Profligacy is America's problem

There is a direct connection between easy credit in the United States, Wall Street irresponsibility, consumer excesses, unsustainable trade imbalances, the return of global inflation and the worldwide asset price boom.

clipped from www.latimes.com

Good for borrowers, bad for savers

If you're in debt, the Fed rate cut could give you immediate relief. If you bank up your money, it'll grow a lot slower.
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US recession fueled by low wages and consumer debt

Leo Panitch: Weakening of unions and global pressures on US wages a major factor (1 of 2)

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