Why Americans are Going Broke
February 2, 2008
Read an interesting article today from Curious Cat Investing and Economy about why Americans are going broke. The entrey started with this comment
“The average household owes 20 percent more than it makes each year. The personal savings rate is in negative territory. Record numbers of Americans are losing their homes to foreclosure, and millions more are struggling to keep up with their monthly bills and obligations. ”
Curious Cat commented that American are going broke because Americans but a bunch of stuff they can’t afford and don’t need and the government encourages irresponsible spending.
I could agree more and I actually think it will get much worse. As baby boomers retire, the pressure on the economy will continue to grow and economic growth will stagnate as more and more boomers take their money out of the system.
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