According to a recent report from the Pew Charitable Trust, 47% of US households spend all of their income, plus go into debt or dip into savings, just to meet their annual expenses. This somehow reminds me of the old advice that one should have six to 12 months worth of expenses set aside in savings for a rainy day. But that was then and this is now, when the average American would run through his or her entire savings in 21 days. 6-12 months vs. 21 days? That's a big difference -- perhaps a generational gap -- or more likely just a sign of how differently ALL Americans view things such as spending and saving these days.
The liberal left would have us conclude from this that the widening gap in incomes over the last 30 years has common folk struggling just to survive. My take on it is a ... Log in or subscribe to continue reading.