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You suppose if money wasn't subsidized through artificially low interest rates people would take on less debt?
All money is subsidized because by definition the government is the only one that can print it. It's a monopoly. All monopolies are subsidized.
You can get deep inside the "underground economy" but the bartering/alternative currencies (ie bitcoins) are going to have some relativeness to the dollar (and its worth).
This is not surprising as our economic system is set up to protect and reward the successful. It does not care for anyone that cannot afford to play the game. Hell, most of the people working for WalMart cannot afford to shop there let alone pay rent, own a clunker car to get to work or even feed themselves. We have armies of homeless people including families with kids. Some of those have working adults.
A major part of the problem is that the poor are over-reproducing. No one to blame for that but themselves.
Women receiving public assistance, as a group, have a birth rate 3 times higher than women who don't receive public assistance. That, in itself has led to the additional problem of nearly half of all U.S. births being paid for by Medicaid. 70% of those kids will never rise out of poverty, even as adults.
Who thinks supporting all those additional poor people (Medicaid, SNAP, public housing, etc., etc.) that are added to our population every year is sustainable, or even possible at all?
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Our economy is not bankrupt but our morality certainly is. More people are outraged about a woman showing a nipple in public than care about giving the poor a chance.
The poor won't even help themselves by not over-reproducing. It's hard to feel sorry for people who create their own hardships.
23% of Americans are under 18 years old and 14.5% of Americans are over 65. Most of these folks aren't working. That is 37.5% of Americans right there that mostly don't even work so most of them don't get a paycheck.
Keep in mind the OP's link was NOT about how much money Americans have saved. It specifically is what amounts are in SAVINGS ACCOUNTS(401k, IRA, checking, money market, CD is excluded from being counted in that survey).
Sorry..I should have said 75% of "working" Americans. I didn't mean all Americans.
Look, if there were hordes of "cleaning ladies" taking home $65K per year we would have CPAs being churned out by the millions to "clean" that loot at a reasonable commission.
Also, so many American-born debt slaves would be doing the cleaning instead of working 50 hours a week at Enterprise.
You are thinking like an establishment white guy.
There are cultures where the women tend to the finances. They form small groups and save with and invest in each other. There are families who spend all they have getting the first kid through school. That kid in turn, gets the next one through, yada, yada. The finance their own houses.
They may not be Wharton MBAs, but they know enough to tend to themselves.
I know a family of 14 brothers who came from Mexico. The youngest went to Community college. They own a construction company and a HVAC company. They do mostly government work. Low income housing for the city, HVAC work for those who manage low income utility subsidies. They invested in and built a 2 1/2 million dollar private soccer park a couple of years ago.
Like has been pointed out, perhaps by you, who puts money in a savings account?
For me it indicates that the American dream is basically dead or am I wrong. Also who do you blame government polices, the irresponsiblity of the American people or both.
Just because someone doesn't have a savings account doesn't mean they don't have money to fall back on. I haven't had a savings account in years. Savings accounts don't pay enough interest to bother with.
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