Total Credit Market Debt in the U.S. is 352.4% of GDP. Post the peak in 2008 at north of 380%, this chart shows deleveraging has begun.
Recall the Reinhart/Rogoff study that debt greater than 90% of GDP slows growth. We’ve certainly witnessed slow growth in the 2% range for the last 16 years. Debt’s a drag on growth.
Source: Ned Davis Research