To the extent we are deleveraging, it results from debts being defaulted on. The savings rate went up in 2008 and 2009, but is back down to almost nothing.
Correct. Something like 2/3 of the private debt reduction is due to mortgage foreclosures.
Paying off debt and declaring bankruptcy may be counted the same by this article’s metric, but which would you rather see Americans doing?
To the extent we are deleveraging, it results from debts being defaulted on. The savings rate went up in 2008 and 2009, but is back down to almost nothing.
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CORRECT... Income is down about 9% for the middle class , expenses are up , savings are non-existant for the vast majority , people are moving down , very few are able to fight the tide anymore... we have approx 10 million people not paying their mortgages because they’re broke... 10M multiplied by $1,500/month means we artificially have $15Billion in everyday spending on groceries , clothes and gas that we wouldn’t otherwise have ...
Obamacare is coming ,,, tax increases are coming ... we’re printing money and printing money and printing even more money ... if you can borrow do so now and borrow every last penny ... if the entity you borrowed it from exists 5 years from now pay it back with funny money Obamabucks...
The savings rate went up in 2008 and 2009, but is back down to almost nothing.”
I don’t know about everybody else but in spite of eliminating debt, because of increased cost in taxes, gasoline, food, medical care, insurance and other necessities, there is very little left over to save.