by John Rubino on December 19, 2011
In retrospect it seems so obvious. If Boomers had been paying attention, instead of buying 4,000 square foot houses, new cars and big screen TVs, we’d have reacted to rising indebtedness by living small and saving big from the 1980s onward. Instead of voting for whoever promised the most free stuff, we’d have demanded balanced budgets and hard choices.
But we didn’t. We became “consumers” rather than builders. Our savings rate was near-zero for much of this time, and our debt ballooned during what should have been our prime saving years. So what’s coming isn’t a natural disaster. It’s the result of choices made by intelligent, well-educated people who should have known better.
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