US economy has been built on spending beyond means at the individual level.Normally people save for the future; in US people spend for the future;they pile debts in anticipation of income.Prudence calls for savings, not increase in wants.Why blame the Government?It is National Character.Unless people in US start spending on essentilas,reduce consumerism, stop collecting junk as possessions,stop using plastic money,they can be sure that the worse is yet to come.
Story.
‘That which can’t continue doesn’t. A nation can spend and spend, pile debt upon debt, but eventually there comes a reality moment when some leader emerges to say enough is enough and when decent people, looking around at themselves and their own best nature, respond by demanding a return to responsibility’.-NYT 16 Oct
2009.
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