Strangely, as the U.S. citizenry passionately criticizes their government for running up the budget deficit, a greater irony is afoot: When it comes to debt management, Americans are sadly worse than their government.
While government debt sits at 94 percent of national revenue, U.S. household debt sits at a whopping 107 percent of personal income. The household balance sheets of Americans are in worse condition than anytime since the Great Depression. The ratio of household debt-to-GDP is greater than anytime since 1929. And while we all are trying to comprehend a poorer nation, many American’s have not yet comprehended their own personal poverty.
Banks don’t pay interest on savings. The market is SCARY. Obama and the Democrats even want to tax retirement funds – IRAS! Up income taxes. Up inheritance taxes. Up corporate taxes and regulations. Up gas taxes. They want to tax carbon footprints, auto milage. They even want to tax us for their fine Obamacare program. Heck, they want to tax everything but our bodily emissions, but they will and call it sewage tax.
WHO can get out of debt. WHO can afford to save????