Folks at the top saw their incomes rise like never before, but most hardworking Americans struggled with costs that were growing, paychecks that weren’t, and personal debt that kept piling up

from President Barack Obama – State Of The Union 2012 on Rap Genius


Consumer debt has exploded in recent years. North American consumers have been the primary source of demand for the global economy, but as incomes have stagnated or fallen, debt has become the means to maintain consuming capacity.

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