Okay, well I’m not really “with” stupid, but apparently they are everywhere. For the 21st consecutive month, my fellow Americans have spent more money than they’ve made. The national savings rate has hit a negative 1%. The only other time that we’ve seen this is during the great depression but there is a difference. During the great depression, people were dipping in to their savings to pay for basic necessities. Fast forward to 2007 and people are dipping in to their savings, or tapping their credit to buy flat panel tv’s, new cars, the latest electronics etc. I just can’t see how we aren’t headed for a nasty fall. Unfortunately, we all fall with these people to some extent.
Disclaimer: Certainly there are people that are spending more than they make to meet their basic needs. (and I mean BASIC needs). These people aren’t doing something wrong, rather, they are simply trying to survive in the rat race and the minimum wage levels that our govt has passed aren’t getting them there. Sure, some would tell them to pick themselves up by their boot straps and better themselves. Tell that to a single mom raising two kids in an impoverished area of the country. I’m sure she’d be really receptive to that input.