Nice to see numbers on how much Americans overspend. Although I disagree a bit with some of the specifics, I agree that Americans spend way too much and spend way too little. The WW II generation would gasp at most 20-60 year old’s financial statements if they saw them. I don’t think a “Depression” will happen, but sooner or later someone is going to pay the piper. I really hope that my generation won’t be expected to bail the Baby Boomers out.
There’s no simple answer either. Of course, on a personal level you can spend within your means, not get saddled with debt, and hope and pray the economy stays afloat enough for you to stay employed.
