To mix metaphors, although our great national nightmare is over, the hangover is just beginning. The great national nightmare was the Caligula-like reign of our 43rd president. And the hangover is revealed in some new Fed statistics on the decline in family net worth during that president's tenure.
The moral of the story is that debt can create the illusion of wealth, but when the time comes to pay back that debt, people end up worse off than if they had not borrowed.
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