
In addition to everything green in the forums, we also discuss a lot of other topics ranging from politics to economics. One of our best forum contributors, ed, is wondering why America can't seem to get a grip on financial matters.
Is it because we're dumb, arrogant or simply uneducated?
As a group, we have failed to get a grip on fiscal reality:
The median credit-card debt of low- and middle-income people aged 18 to 34 is $8,200.
The average college debt for recent grads is more than $20,000 and rising.
People between the ages of 25 and 34 make up 22.7% of all U.S. bankruptcies (but just 14% of the population at large), according to a recent report.
I was born between the Depression and WWII. Everything was rationed, hand-me-down, clothes were washed with a scrub board and tub, the ice box contained real ice, horses and buggies were common sights on cobble stone streets, food was cooked on a kerosine stove, everyone had a "Victory garden," there was no TV or computers or . . . credit.
The current generation scares me. Anything and every thing they "want," they consider to be a "need." They spend "Cash," "Credit," "Loans," "Equity" and save Nothing!
They don't know "Hard Time's" . . . Yet!
Wow, well said Ed! Personally...