The U.S. Economy Needs to Kick Its Car Habit

The U.S. Economy Needs to Kick Its Car Habit

The auto industry has consistently proven to be a strong component of the U.S. economy in terms of retail sales. However, a large amount of new cars being purchased are with borrowed money. As of June of this year, total household auto debt was estimated at $1.1 trillion, according to the Federal Reserve Bank of New York. There is the possibility that strong job prospects could increase the affordability of such large amounts of debt, but nonetheless, it puts the American economy in a vulnerable position because auto sales are such an imperative piece to the overall economy.

 

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