More from the Daily Reckoning...“As recently as the first Reagan administration, America's personal savings rate was nearly 10%. By the first Bush administration it had fallen closer to 5%.In the second Bush administration, the rate has gone negative...to minus 0.20% in November. Over the last five years, debt levels in America grew twice as fast as incomes. Now, "savings have practically disappeared," says Paul Volcker. We have, "an economy on thin ice," says the former Fed chairman.”
And how about job creation? The administration and the Republicans have been tooting their horns lately about that…and the facts are these, “The forecast was for 200,000, and the actual was 108,000…does it really matter how many jobs are created when we don't know what types of jobs they are?" And what kinds of jobs do you think they are? With net incomes decreasing each year, I would guess that they aren’t the highest paying jobs around.
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