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I wonder how much the American economy is propped up by rampant debt spending and financial illiteracy. If everyone in the US saved 20% of their income, and did
by jorblumesea 7y ago
I wonder how much the American economy is propped up by rampant debt spending and financial illiteracy. If everyone in the US saved 20% of their income, and didn't over leverage for that new truck, would we see a noticeable economic impact?
- bdcravens 7y agoOr more relevant to HN, a new phone or tablet. And paying $15 surcharges to get lunch delivered. And multiple entertainment services at $10-20/month.
- perfunctory 7y agoPeople not saving for pension is a ticking economic bomb. The economy might be prompt now but I am afraid to think about what happens when the current working generation retires.
- bluGill 7y agoYou will so the current generation at WalMart in a few years pushing carts and other such tasks when they are forced to realize their retirement savings doesn't cover their needs. Actually it isn't that bad, a fair number of people don't plan to retire while they can work. A job provides a social experience and meaning in life. If you retire you need to replace that (if you don't you will die quickly - this is known medically), if the job isn't that bad why not keep working? For such people retirement means a nursing home, and if they don't have any money the government will cover that. It isn't for me, I have my own projects I want to do, but maybe it is for you: so long as it is a real decision I don't have a problem with it.