...really hasn't been. Savings, that is.

Spengler asks if America is a failed state.

..."We have been borrowing in order to consume; we need now to save in order to invest. We need to shift the tax burden, moving it away from savings and investment and toward consumption. We should replace individual and corporate income taxes with consumption-based taxes."

Americans need to be told that they will need to invest before they can consume, and that the cure will take years rather than months to take effect. It's not a happy message, and no one in politics is willing to deliver it - if indeed anyone in politics understands it.

Years? The boomers don't have years than, do they?

Congress and the banks (the latter whether through Congressional coercion, collusion, or simple greed ...it don't matter) ruined the real estate market, and thereby the "savings" that many boomers were anticipating as their retirement nest-egg.

Fire.Them.All.

Posted by: fairwhether at 12:45 AM | No Comments | Add Comment
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