In the case of households, debt rose from about 50% of GDP in 1980 to a peak of 100% in 2006. In other words, households now owe as much as the entire U.S. economy can produce in a year...The puppyblender keeps noting states and municipalities that are getting farther and farther behind with their unfunded pension liabilities.
Banks and other financial institutions are in an even worse position: their debts are accumulating even faster. By 2007 the financial sector's debt was equivalent to 116% of GDP, compared with a mere 21% in 1980.
"The Illinois State pension fund is $44 billion in debt. That’s the worst in the country."Next up: Health care for all! It's a right!
The problem of underfunded public pensions will make Fannie and Freddie look like small potatoes.