WSJ:
This same thriftiness, embraced by families across the U.S., is also a major reason the downturn may not soon end. Americans, fresh off a decades-long buying spree, are finally saving more and spending less -- just as the economy needs their dollars the most.
8 comments:
The savings rate in the U.S. has increased dramatically. That's not hard to do when the rate was basically zero. But it still is a great trend. I wish this nation were the best in the world at saving. It would only make us a better country.
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The recent economic collapse was largely due to massive consumer debt. For years now, our country has been buying things on credit without considering the ramifications or risks. When money "disappeared" from the market, I wondered if it ever really existed in the first place.
I welcome the higher savings rate among Americans and I'm not worried about our economy. I know that it will recover and that Americans will hopefully learn from the lessons of easy credit and actually start paying cash for all things, except for personal residences.
Bullshit. The collapse had nothing to do with regular people. This was all driven by people like Madoff, and Cheney/Bush. They have ruined the economy like the Republicans always do. And on top of that, they have let down the people who lost family in the trade center disaster. Read yesterdays USA today. That moron Bush is going around saying he did a good job. Good job at being the WORST 'leader' ever. This administration should be tried for crimes against all humanity. Madoff is guilty of negligent homocide, and the bankers tied to it all should be lined up and shot. The coruption goes right to the core, and we need to stand up and clean this country up. People are killing themselves because they worked all their lives to build a retirement, and these people stole it in a matter of months. And now, they are stealing your kids future. Band together and stop it.
It's so hard to find debt relief in the current economy. Does anyone know of any banks or programs that could help me?
The savings rate may be higher, but people were already in such high debt before the recession that it feels nearly impossible to get out of it now. Does anyone know of any good companies that could help me reduce my debt? Thanks!
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