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who’s getting out of debt and who is not??

February 4, 2011
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Guess who’s getting out of debt — and who’s not? The final figures for 2010 aren’t out yet. But here’s what the Federal Reserve’s Flow of Funds report says happened in 2009. Households in this country reduced their debt by an average of 1.7 percent. Businesses did even better, cutting debt by 2.3 percent. States and local governments went the other way, increasing debt by 4.9 percent. But our greedy, grasping Federal government was the worst spendthrift of all, piling on another 22.9 percent of debt to an already massive load. No wonder people are screaming “stop!”

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