Today's consumer credit release tells you all you need to know about who continues to fund the economy (deficit commission be damned indeed). The all important revolving credit number declined by $5.6 billion in the month, which just happens to be the 26th consecutive drop in revolving credit, as in the stuff that Americans use to actually buy stuff with using their credit cards. And while October total consumer credit rose to $3.4 billion from a downward revised $1.2 billion in September (previously $2.1 billion), all of it was due to non-revolving credit, which rose by $9 billion, and more specifically due to a whopping $31.9 billion increase in Federal Government debt used to fund student loans (the latest industry recently nationalized by the US government). Ex-federally funded student loans, consumer credit declined by about $28 billion.
The charts below are self-explanatory.