Comments: Savings Rates Down

I think the downward pressure on wages from outsourcing, loss of our manufacturing base, turning into a service economy of McJobs, 60,000 in layoffs at GM and Ford, union membership down to about 14%, and illegal aliens has more to do with this.

If Joe Six Pack America can't make a decent wage, how is he going to have anything left over for saving and investments???

Posted by Chris at January 30, 2006 09:44 PM

Part of the problem may also be that credit is so easy to obtain for many of us (credit card offers that fill up our mailboxes, etc.), that people often don't think twice before charging that new outfit or that dinner out. Also, being in debt used to be considered shameful, as was filing for bankruptcy. For better or worse, much of that stigma is now gone.

Posted by Pam at January 30, 2006 11:44 PM
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