*ALMOST* correct.
I only disagree with you because there are numerous little nasties creeping into our lives every day now. Unemployment is ASTRONOMICAL. Between the Unemployed, the Under-employed and the Discouraged-workers, the number of people who are really hurting for lack of work must be close to 40 percent.
I'm not sure of the percentage of homeowners who have been foreclosed upon, but it's very high. 3 percent, perhaps?
What about folks with underwater mortgages who can't afford to relocate even though doing so would give them better jobs?
And retirees and would-be retirees, either struggling to eat, returning to work in their old age, or delaying their retirement plans - due to food and energy prices that are shooting upward?
These people, and others in similar situations, are numerous. They're "average joes" impacted in one way or another by the debt.
Don't get the wrong idea, though. I agree with the spirit of your statement. In a few years, the problems will REALLY begin, and the financial woes of today's 40 or 50 percent will seem like *NOTHING*.
I'd suggest you take that to the bank . . . except that I no longer trust the banks.
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