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

**pinky** · Jul 10th, 2006, 04:45 PM

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?

**Richard Tafoya** · Jul 10th, 2006, 05:00 PM

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/...=89674&ntpid=3

Quote:

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** · Jul 10th, 2006, 05:28 PM

I know our spending level has increased significantly in the past year since we now have two kids in college.

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.

Jul 10th, 2006, 04:45 PM	#1
pinky Spoiler of All Fun Moderator Join Date: Aug 1999 Location: It's JERSEY, not Joisey Posts: 22,188	ABC is airing a piece on the rise of debt.... 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?

Jul 10th, 2006, 05:28 PM	#3
pinky Spoiler of All Fun Moderator Join Date: Aug 1999 Location: It's JERSEY, not Joisey Posts: 22,188	I know our spending level has increased significantly in the past year since we now have two kids in college. 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.