Private Debt Much Higher Than During the Great Depression

America is frequently called the 'richest nation on earth', but the reality is that the American people are living on borrowed money. There is not one sector in the U.S. that has shown any measure of refrain. Government, corporate, and consumer debt are all at record levels. Private debt, which is debt from a private entity, such as a bank, has skyrocketed in the last three decades alone.