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The politicians are fearing that they might not be able to use credit cards any more. Imagine what it would be like if people actually had to save their money and pay cash for something before they could buy it?
Imagine what it would be like if we also got rid of social security, and people would no longer be able to blindly rely on social security to take care of their retirement, but would be forced to realize it at a young age.
What is astonishing is that excluding retirement accounts, America has a negative savings rate.
Huntingvet,
You and I are almost in the same boat, except my wife and I had to buy a house 4 years ago because we needed one. However, I knew this was a bubble, so we only bought a townhouse instead of a single family home. Now, our debt is equal to 15% of our income, and it only consists of our mortgage. It has allowed us to save a bunch of money.
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The pond, waterfowl, and yellow labs...it don't get any better.
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