The private debt real budget emergency - 150% GDP

Oh look what's happened since Reaganomics fucked up everything:

Look at the gov debt in the black line and notice how low it is even now, yet the gov is trying to fuck us over justifying it with a gov debt "budget emergency".

Note the large elephant in the room, in this case the red line representing private debt. You know, those "market forces" type people. Oh........  fuuuuccckkkkkk........  

Now what do you think a gov should do about this private debt emergency, presently running at nearly 150% of GDP? Oh yeah, get me to pay $7 to see a doctor. Yeah right, that'll fix it. Trying to get blood out of a stone doesn't look to me like any sort of effective remedy here :s

After the onset of the GFC, the non-financial business and non-banking financial sectors sharply deleveraged, but household debt continued rising. Mortgage debt reached a new peak in 2014, narrowly edging out the previous peak established in 2010, which coincides with the latest housing price booms in Sydney and Melbourne. 

The following figure compares consolidated federal and state/local debt to consolidated household and non-financial business debt, where consistent long-term data are available. Clearly, the problem is not public debt, but private – and this departure is without precedent.more

I note that much of this private debt is tied up in Australia's massively outrageously over priced real estate, with mortgage debt reaching a peak this year. Hmmmmmmmm....... Things are all lining up here....... 

OK, massively overpriced real estate in a 30 year built up bubble, The bubble reaching a new peak this year as mortgage debt hugely contributes to a national private debt equaling 150% of GDP.

Enter Abbott.

Destroys car industry, destroys renewables industry, backs a loser being coal, outsources Australian jobs to overseas, preaches "market forces austerity" and tries to starve economy of gov money, sacks thousand of workers (public servants), wants to bring in laws to reduce penalty rates and wages, and on and on...... unemployment suddenly at a 10 year high.......

And suddenly people can't afford to service their debt.......