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  engineer7 months ago

  For more than half a century, Americans have proved staggeringly resourceful at finding new ways to spend money.

  In the 1950s and '60s, as credit cards grew in popularity, many began dining out when the mood struck or buying new television sets on the installment plan rather than waiting for payday. By the 1980s, millions of Americans were entrusting their savings to the booming stock market, using the winnings to spend in excess of their income. Millions more exuberantly borrowed against the value of their homes.

  But now the freewheeling days of credit and risk may have run their course â;; at least for a while and perhaps much longer â;; as a period of involuntary thrift unfolds in many households.

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  engineer7 months ago

  The country should also live within its means.

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    DoseASpinoza7 months ago

    Amen!

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  texangelwings7 months ago

  Now, if only our government will begin to do the same thing! Starting with salaries for All government employees!

  And since our leaders think that we the people can live without affordable healthcare and low wages, they need a reality check, by making them pay the same amount for healthcare that the average American workers pay on lower wages!

  Nice find, thanks engineer!

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    Teech7 months ago

    ...."Economy Fitful, Americans Start to Pay as They Go..."

    If only the Great Decider were able to do the same. A proposed budget with a deficit of over 700 billion when war costs are added in. A 10 trillion national debt! Borrow as you go is the Bushite way! And then blame others for their own lies, perfidy, incompetence, corruption and mismanagement.

    Mission Accomplished, indeed! For generations to come.

    Ouch! Dow down 370 today. Lots of volatility there, for sure.

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    Lurch7 months ago

    Our so-called leaders should be forced to pay the same for their healthcare as the uninsured non-medicare group (aka notch group).

    Watch how fast our leaders vote in single-payer universal care (as opposed to hillary care).

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  markmawn27 months ago

  Here's a free education for you all. Got 20 minutes?

  http://www.storyofstuff.org/

  You can also download a free MPG here: http://www.archive.org/details/StoryOfStuff

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  GoldStandard7 months ago

  "In the 1950s and '60s, as credit cards grew in popularity, many began dining out when the mood struck or buying new television sets on the installment plan rather than waiting for payday. By the 1980s, millions of Americans were entrusting their savings to the booming stock market, using the winnings to spend in excess of their income. Millions more exuberantly borrowed against the value of their homes."

  And now that the bottom has fallen out, anyone who DIDN'T risk everything and/or spend income they didn't have, is a walking targets for do-gooders who don't want these leeches to face consequences.

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  DoseASpinoza7 months ago

  Great article, and this is the key:

  "For decades, that envy has been a prime engine of economic growth."

  All of the recent booms have been about making people feel inferior for having less than you or someone on TV. It's the central theme of advertising.

  I've been pay-as-you go for most of my adult life (reasonable home mortgage excepted) and I'm happier for it. People need to learn to stop depending on THINGS to make them happy. I had three friends over to dinner tonight and we had a nice evening that was not about how much anyone has or does not have.

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  marshx7 months ago

  this is where it gets dangerous, that stimulus better come sooner!

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  Deidre7 months ago

  Unfortunately our economy is based on exuberant and irrational spending, as people begin to think about what they need versus what they want, it is going to cause a ripple effect of suffering.

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