U.s. Economy, Consumer Debt | featured news

There is a dirty little secret about economics writing. The thing that offers the surest path to glory to front page play for a story, to lots of Web traffic, to a pat on the back from editors is doom and gloom. When we can point out something that is awful, whether it is a collapsing job market or rising poverty or skyrocketing gasoline prices, the world seems a whole lot more interested in what we have to say. It's not for nothing they call economics the dismal science.

After a long period of consumer retrenchment, U.S. families have cut their once-out-of-control debt loads down to pre-recession levels, largely removing one major obstacle to a faster economic recovery.