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Committee, more federal taxes were taken from citizens than the growth of personal
income. From 2000-2001, GPI grew by $279.5 billion, while federal tax revenues grew
by $298.6 billion. The consumer taking on more debt makes up the difference. American
consumers' willingness to go deeper into debt to fund housing purchases or borrow
equity out of their homes to finance consumption came to the rescue. According to
the National Mortgage News, residential originators funded a record breaking $729
billion in home mortgages in 02Q3 and are set to come close to $2.5 trillion in
2002. This surpasses last year's record of $2.066 trillion. |
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