American consumer debt is at a record high. But not compared to consumer income. A headline in the Washington Post reports this and adds, "Haven't we learned?" Well, the answer is, actually, yes, we have learned.
Debt as a percentage of GDP is only 67%, down from 87% in 2009. Hawaii has the highest consumer debt of any state, but only because we have the highest home prices and that leads to the highest mortgages. In terms of discretionary spending, Hawaii residents are actually pretty frugal, which is why Hawaii has some of the nation's best credit scores.
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