Debt Is Relative

(click on image to enlarge)
TW: This graph frames the relative size of various sources of debt for the U.S. Two things should pop out. "Government" including state, federal and gov't agency debts in sum are smaller than private debts. While federal debt is rising rapidly the other two government debts are not. Concurrently with private debt plummeting total debt growth is slowing quickly. Without federal debt growth (e.g. income stabilizers like unemployment insurance, social security/medicare payments, stimulus etc.) debt would have turned negative. With negative debt growth amidst a demand contraction a depression would almost certainly occur. Food for thought for those "demanding" Hooverian spending policies.