[quote=spdrun]Why not actually encourage savings and thrift, instead of discouraging savings in favor of borrowing? Is it really a good thing to keep 95% of Americans on the slave-treadmill, in hock to the company store? Bad idea in the 1800s when there were company towns. Just as bad now.
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Majority of the people do not have to be in a slave mill, if they do things accordingly. It starts from early on with the proper education and proper selection of what they will do. If that is not done correctly it spills over to later years and then later years and later years. And eventually it catches up.
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I have a different idea: mandate vacation time and working hours in line with most of the civilized world. Reduce productivity per worker, so that more workers reap the benefits of employment.
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Sure, tell that to our global counterparts and tell that to the CEO’s that try to move opportunities overseas because those folks there work 7 days a week.
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Let home prices fall to where they’re affordable on one to 1.5x the average income in an area.[/quote]
Tell that to all the existing homeowners, then good luck getting re-elected.
We should encourage responsible investing. Basically ,we should discourage loose lending and only allow lending to those who have the capacity to digest loans. In the right hands, leverage allow some people to build wealth.
You’ll never be able to create meaningful wealth through pure savings alone, especially these days with a weak USD policy.
