The Federal Reserve Bank of New York reports that U.S. household debt has reached a record $17.8 trillion in the second quarter of 2024. Vance Ginn, president of Ginn Economic Consulting, says he is concerned by the number. He points to a number of factors that are exasperating and stretching bank accounts, including wage growth and inflation. Ginn feels we have reached a point of no return and the economy will unfortunately need a recession to make corrections to come out stronger in the future.