U.S. deleveraging is over

September 30th, 2014|by Michael Ashley Schulman, Perspectives, The Big Picture|

U.S. deleveraging is over – Since 2008, three clear overlapping waves of deleveraging have dampened U.S. growth. These started in banking before spreading to the wider private sector and then to government. Private-sector deleveraging was largely complete by 2012, with the household debt-to-GDP ratio returning to pre-boom levels and debt servicing costs falling to historic […]