GIM Founding Member & Mod.
- Oct 15, 2012
Terminal decline, Automatic Earth - Prior to 2009, debt was able to support a rising standard of living. Less than a decade later, it can’t even maintain the status quo. That’s what you call a breaking point. To put that in numbers, there’s a current shortfall of $18,176 between the standard of living and real disposable incomes. In other words, no matter how much people are borrowing, their standard of living is in decline. Where does that consumer confidence level come from? Is that the media? Is it that people think things cannot possibly get worse? Americans don’t choose to not save, they have nothing left to save. And that will have its own nasty consequences down the road.