Some random economic thoughts
By Michael Cave
When Ronald Reagan took office (January 1981), the U.S. national debt was only a mere trillion dollars. I think “only” and a “trillion dollars” in the same sentence is an oxymoron!
In June 2004, Americans’ personal savings rate hit its lowest rate since the years of the Great Depression. Americans had put their faith in the rising value of their homes. How do you think that has worked out for all of us?
Did you know that to rank as the wealthiest 10 percent, Americans needed a net worth of just $598,000? (Source: US Census Bureau). Doesn't seem like very much does it?
Vacationing this summer? Not really! Many of us look forward to the summer as a time to catch up and relax with family and friends, and possibly travel and work less. However, a Harris/Adweek Poll revealed nearly half (46 percent) of those vacationing will work on their vacation, including checking emails, voicemails, and even taking conference and business calls.
Men are more likely than women to work on their summer vacation (54 percent to 37 percent). My advice: go on a wilderness, rural remote adventure and leave the laptop and cell phone at home!
More on the U.S. national debt:
We have been brainwashed by the media and politicians to believe that the Chinese hold most of the U.S. debt, that future generations will have a lower standard of living and the American people will be working for the Chinese. The reality is China held only 9.5 percent of our outstanding debt in 2010.
The largest lenders to the U.S. government are you and me, the American people. We own collectively 42.1 percent of the national debt in the form of Treasury bills held in our pension funds and 401(k)s/retirement accounts. (Source: Joshua Holland, Senior Writer and Editor for AlterNet).
The good news — we still live in the greatest, wealthiest, most democratic country and freest nation in the whole world. God bless America!