- Capitalism and Alternatives -

Equals Economic Danger

Posted by: Stoller on November 24, 1999 at 18:59:19:

In Reply to: Economic Hedonism posted by Dr. Cruel on November 24, 1999 at 13:20:31:

: : Fact: 'The right defining statistic for the last two years is the negative savings rate [for average Americans] first recorded in September 1998. Negative savings rates hadn't been seen since 1933.' (New York Times, 18 January 1999, sec. A, p. 17.)

: DC: I'm guessing that this takes into account inflation. Ayn Rand didn't like this sort of thing either, you know. Neither does Mr. Greenspan.

What the above statement means is that (most) Americans do not save ANYTHING. Instead, they are IN DEBT to the point where what they earn is LESS than what they owe.

Eventually, the stock market will realize this.

Your other 'points' did not merit a response...

Follow Ups:

The Debating Room Post a Followup