Savings Dwindle as Americans Spend, Spend, Spend

Reuters ^ | 12.20.03 | Andrea Hopkins

[Skwidd]

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[TheDon]

Americans saved just 2.3 cents from every dollar earned after taxes in 2002

The solution is in the statement.

[ShadowDancer]

Precisely.

[freedumb2003]

With small children, a "huge mortgage" and a nanny to pay for

In other words as a selfish self-absorbed person who has kids as social tools who is living beyond her means in a Mcmansion of some sort and now trying to buy the affection she from her kids because will not bestow it directly, she is willing to take a chance that her kids life will get worse down the road when the piper comes to call for his payment.

[riri]

The solution is in the statement

Ah, she'd just spend that too. (though I agree with the premise that it should be hers to spend)

[riri]

who has kids as social tools

I love that statement. Never heard it but it so aptly applies to so many I know.

[freedumb2003]

Sadly true.

[Revolting cat!]

They got a tax break this year, though! And a rebate. Did they save it? No! Taxes alone are not the problem. Anyway, the cat's confused: are we supposed to save or spend to support the economy?

[palmer]

?

[Heatseeker]

You hit it right on the head. She should take a lower paying job if she has to, to get the hours to fit in with being a real mother. After dropping the nanny she might well come out ahead anyway.

But the important thing is that, years from now, this woman's children will not remember or care what she made and the toys she bought them - they'll remember whether she was being a real mom.

[freedumb2003]

But the important thing is that, years from now, this woman's children will not remember or care what she made and the toys she bought them - they'll remember whether she was being a real mom.

A greater gift and legacy cannot be bestowed.

[ShadowDancer]

What sort of ridiculous assumption are you basing that on? Seriously. How in the hell do you presume she is selfish? On top of that, where is she bitching? You seem to be the only one doing that.

[oceanview]

home depot has 20% off all power tools across the board, sale started friday and goes until sunday, and I also heard that lowes is matching it. I am glad I waited to buy until the last minute, got some good deals today.

[freedumb2003]

Knee-jerk reaction to the term "Nanny."

I admit, she might be some sort of accidental single mom and by Nanny she meant "child care worker who I need because I am the only wage earner."

But I doubt it. If my assumption about her being 1/2 of a 2-parent household living beyond their means ("huge mortgage" certainly gives a clue), then the rest of my post stands.
But it is possible that I am wrong in my assumptions

[sawyer]

Is the 10% thing just to old to do any more? I am retired so look at this as someone with no children around but I must say people are spending like their is no tomorrow.I have a large saving but it is paying me a awful 1%. Makes me so up tight and to make it even more like salt rubbed into an open sore, my bank called me on my trust after Bush got in and said they were going to more it around(blind trust) so I would not lose any money and I have not lost money but lost almost all my income.I frankly did not believe them as the GOP is the party that knows about money. Well one good thing, I am not spending any and I mean any money.Food is the thing.I thought the bank had gone mad to tell that now Bush was in things were going to tank.Well I did set it up so I could only get interest so guess it is my own mess to live with.

[ShadowDancer]

If my assumption about her being 1/2 of a 2-parent household

But as a divorced mother of two

I could do the whole, you know what happens when you assume thing but, it's Christmas time so I won't.

[sinkspur]

If my assumption about her being 1/2 of a 2-parent household living beyond their means ("huge mortgage" certainly gives a clue), then the rest of my post stands. But it is possible that I am wrong in my assumptions

You are wrong. She is a divorced mother of two, meaning that she's likely soaking her ex to pay for the nanny.

[sinkspur]

If you have "large savings," and none of it in stocks, you're missing out.

[ShadowDancer]

meaning that she's likely soaking her ex to pay for the nanny.

God, you are so right, sink. Men never do the divorcing. Get a grip, would you? And, the term 'nanny' was not in quotes. In case that part escapes you, it means it was inserted by the journalist, not the mother in the piece.