Billionaire Mort Zuckerman says American optimism has met its end.
"We have had the greatest fiscal and monetary stimulus in modern times," Zuckerman writes in The Wall Street Journal. "We have had a whole series of programs to pay people to buy cars, purchase homes, pay off their mortgages, weatherize their homes, and install solar paneling on their roofs."
"Yet the recovery remains feeble and the aftershocks of the post-bubble credit collapse are ongoing."
Zuckerman observes that there seems to be a structural change in the American economy.
“The relationship of household debt to income has proven unsustainable. The ratio is normally established somewhere below 100 percent, but in 2007 the debt ratio hit 131 percent of income,” he notes. “It has now fallen to 122 percent, but at this pace it would take another five years to bring it under 100 percent."
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