Spending more than we make

2006-11-27 13:33 - Links

[T]he Center for American Progress, a liberal-minded think tank, has crunched data from the Federal Reserve and found that Americans for the first time owe more money than they make.

So, there's this part of me that knows the whole country is "built" on credit. Major financial systems revolve on it. A lot of people ruin their lives by maxing their credit cards, spending years to repay them. I've shrugged it off. I'm intelligent, I have zero debt, and plan to stay that way. I get to use plastic as a convenience (less coins rattling in my pocket), and the fools that ride their balances pay for it. But wow. Are "we" really all getting so dumb?


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