09-25-2007, 05:56 PM
Quote:I am not an economist by any stretch of the imagination, but it seems to me like we (the US) have a very, very big issue with debt. Debt is being marketed as wealth here and people are believing it. Generally it seems people live far above their means. I just can't see that as not having some bad consequence in the future.
I remember reading a few months back that for every 100$ an American makes, they spend $100.80 dollars. Now, I'm sure 'facts' like this have a big +/- variance, but its still a startling idea. Scary stuff indeed.
Just last night I turned on the TV and a couple was looking to sell their Orlando home. They had 1900 square feet (a very decent sized house for sure), but they were looking to put it on the market for $700,000+. Nice house or not, when an economy supports an average income of 35-50k (depending on what research you believe), an average size home can't be going for 700k+ and the economy still be stable and healthy.
Cheers,
Munk
PS. Please feel free to tell me I'm being naive, but unfortunately I don't think I am.