Notice that the ratio rose
above 100% some years ago. This pretty well sums up the recent financial crisis, and suggests that it will take decades to unwind the problem. There will be endless arguments about whose "fault" this is. The
TPM article where I found the graph blames politicians, bankers, and advertisers. Many other viewpoints/combinations may also be valid.
I have almost no debt, and that will be paid off before I have to pay interest on it. I own my house and my car. I pay off my credit cards every month. I guess that lets everybody know I'm old, right?
ReplyDeleteApparently you are single-handedly trying to destroy the American economy.
ReplyDeleteI vote we tax people like Barbwire so the rest of us can continue our current spending habits. Isn't that a great solution for the majority? :D
ReplyDeleteWhy yes, Mike, it is. And thank God we have a lot of people in the federal and state governments who are busy attempting to do even more of that right this minute!
ReplyDeleteWhat Barbwire is doing cannot be allowed to stand. The "wealthy" must pay their "fair share!!!"
Seriously - I do think a lot of people are at fault. But in the end, I place the most blame on a greedy populace who can't seem to grasp that you can't have everything you want. I know for a fact that precious few people who were born in the first 2-3 decades of the 20th century did not live the way most of people live today. Debt was avoided at all costs and when it did occur, all hands were on deck to retire it.
But I grew up in a very old-fashioned mid-western area.