Gentle readers who are contemplating the prospects of mortgages, college loans and credit card purchases will want to read Robert Samuelson's precis of debt past and present, not to mention a hedged glimpse of the future.
In sum, consumer debt is not all bad, as it democratized such things as home ownership and fueled a strong work ethic and optimism about the future. But everything has its limits, and the United States may be near the end of the expansion of borrowing.
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