Jack talks funny but he has nice penmanship.
Back then it wasn't so bad as there was no credit available to young people who tend to lack discipline when it comes to spending.Today, it's a different ball game. Short this week? No problem. Just whip out the VISA to get that camera.Problem is, the interest charged on the credit card make that an expensive proposition. Worse, one week it's the camera, then socks, then an iPad, then...before you know, you're maxed out because you weren't paying attention.
And saving is discouraged now in our Keynesian, Federal Reserve economic culture. There is no interest to be earned on money in a savings account, and the philosophy is that debt and spending are good for the economy.
Yes, the Krugmanian Idiocy. Savings is 'hoarding' now. It's plain nuts what's going on. And there are plenty of people who think this way which is problematic.
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