Spending more than we make

The San Francisco Chronicle reports:

the Center for American Progress, a liberal-minded think tank, has crunched data from the Federal Reserve and found that Americans for the first time owe more money than they make.

According to the center, average household debt levels topped average after-tax income by more than 29 percent as of this summer. Moreover, the average family is now spending 14.4 percent of its disposable income on debt repayments -- the largest share since the Fed began collecting such data in 1980.

Maybe Fannie Mae will go into the credit card business now that the Democrats took control of Congress.