"The U.S. economy crashes when it becomes too top heavy because the economy depends on consumer spending to keep it going... For a time, the middle class and poor can keep the economy going nonetheless by borrowing. But, as in 1929 and 2008, debt bubbles eventually burst. We're getting dangerously close. By the first quarter of this year, household debt was at an all-time high of $13.2 trillion."
React to this quote
More by Robert Reich
See allResonant Thoughts
"What constitutes the essential, characteristic difference between everyday reality and the world picture experienced in LSD inebriation? Ego and the outer world are separated in the normal condition o…"
Explore Further
Related Quotes
"Take a moment to remember the times on your own spiritual quest when you felt most enthusiastic. We want to…"
— Bhakti Tirtha Swami"Twenty-five years from now...Computers will be exactly like telephones. They are probably going to be commu…"
— Gordon Bell"I haven't had a moment of peace since I first told the story, ... This whole thing has gotten out of hand. …"
— Kenneth Arnold"Space—Time—Matter at Google Books"
— Hermann Weyl"But if you can breed cattle for milk yield, horses for running speed, and dogs for herding skill, why on Ea…"
— Richard Dawkins"The IMF has been encouraging, sometimes even forcing , countries to have their central banks focus only on …"
— Joseph Stiglitz