An article in the Wall Street Journal noted that “the total debt held by American households reached a record in early 2017, exceeding its 2008 peak.” Does this information indicate that the U.S....

An article in the Wall Street Journal noted that “the total

debt held by American households reached a record in

early 2017, exceeding its 2008 peak.” Does this information

indicate that the U.S. economy was close to the end of an

economic expansion in early 2017? Briefly explain.

Source: Ben Leubsdorf, “U.S. Household Debt Hit Record in First

Quarter,” Wall Street Journal, May 17, 2017.