Many Americans have saved, and much longer than 5 years. Plus, have set up education savings accounts for children and/or grand children. If a person at 25 saved ,for example, $500 MOL a month in a good mutual fund which has a track record return around 12%, by the time they were "into" retirement age they would be multi multi millionaires.
We have to think of the future and just not for today. Education is certainly important studies prepare for the skills needed in the "real world". Many can have a Masters, but what use is it if it not a realistic job skill. We have become a nation of wants and over needs. We have a choice. We need to take responsibility for our own actions.
A retired hotelier and his wife barricaded the Cheltenham branch manager in her office after being told that they could not withdraw £1 million savings without notice. The situation was resolved only when police officers arrived to calm the couple down. “Everyone should calm down and refrain from making simplistic comments in a very complex area which just causes unnecessary worry and concern.
This great depression mindset stems from the run on a major bank in England, the other day. They blamed interest rates in America and a threat of recession. We should see a drop in interest rates this coming week is the rumor. But even that cannot help if Americans cannot handle their own financials. Wouldn't it be beneficial to all, if kids were taught useful economic and financial classes on how to handle money when in high school. This important part of a child's education is sadly often not taught at home, because parents have, themselves, not learned how to save.
My Opinion.