ABC is airing a piece on the rise of debt....

[pinky]

They said that income has risen about 9% over the past 10 years, while mortgages, credit card debt, and student debt have risen 70% or more.

How's that economy going, Regis? :rolleyes:

[Richard Tafoya]

Well, in one America, corporate earnings for certain government-subsidized industries are thriving.

In the other America, personal savings are at an all-time low.

AP (7/3/06):
http://www.madison.com/wsj/home/biz/index.php?ntid=89674&ntpid=3

Americans' personal savings rate, the amount of saving left from disposable income, dipped to a negative 1.7 percent in May, down from a negative 1.6 percent in April. The savings rate has been negative for 12 consecutive months, meaning that Americans are dipping into savings or borrowing more to finance a spending level that is exceeding their after-tax incomes.

[pinky]

I know our spending level has increased significantly in the past year since we now have two kids in college. :blueeek: And even though they both go to state schools, we're going to take a bigger hit this year because of the cuts in higher education funding that are part of the New Jersey budget.

To be honest, I feel lucky, because that's the only new debt we're taking on.