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Chances are, there is much more unraveling - deleveraging, to be technical about it - to come. Gluskin Sheff's Rosenberg looked at the ratio of household debt to total net worth and figured that for things to fall back in line with where they've been historically, Americans would have to get rid of some $3 trillion to $5 trillion in debt over the next few years. (Read "Lidia Bastianich Saves Our Dough.") Lansing and San Francisco Fed colleague Reuven Glick ran a simulation of what would happen if U.S. consumers followed a path similar to that of Japanese businesses...
...bounce back. "Even though we're probably past the worst in the business cycle and probably even in the bear market, we're talking about something much bigger here," says David Rosenberg, chief economist at money manager Gluskin Sheff. "The largest balance sheet in the world is the U.S. household balance sheet, and it's contracting at a record rate...
...understand the Great Consumer Retrenchment is to look at the amount of debt the typical household carries as a percentage of its disposable income. The ratio of debt to income increased from about 35% in the early 1950s to about 65% by the mid-1960s, where it more or less stayed until the late 1980s. That's when debt started its epic rise, hitting 100% of income in 2001 and going all the way up to 133% in 2007. (Read "Five Reasons for Economic Optimism...
Americans don't need to use an SUV every time they go to the bathroom. Which helps explain why this spring a mainstream brand, Scott, started offering toilet paper made with 40% recycled fiber. Switching to such material could make a big difference: the NRDC estimates that if every household in the U.S. replaced just one 500-sheet roll of virgin-fiber TP a year with a roll made from 100% recycled paper, nearly 425,000 trees would be saved annually. (See pictures of the world's most polluted places...
...part, the high rate of injury reflects the sheer increase in household computer ownership, which jumped 309% over the same period. But computer exposure and injuries hardly rose in lockstep: injuries far outpaced ownership, growing 732% from...