[x5452]

I was quoting the part of the definition of asset, which is pertinent to the discussion of savings and which tod had ignored. I was not claiming that was the explicit and complete definition.

[expat_panama]

An asset at zero does not have a positive value. It has literally 'no value' it ceases to be an 'asset'.

Rush was just mentioning how the Democrat press is trying to spread the old "America's unhappy" lie.  That's old news.  What amazes me is how many voices on this forum are singing the same song.  

It is true that fed stats on saving are down (fed econ definition:: savings =  income - consumption).  It's also true that America's privately held wealth (in inflation adjusted $) has quadrupled in the last half century and is now soaring to an all time high.

Americans can be accused of many things, but to say we aren't amassing extraordinary wealth is a lie or just down right crazy.