The current savings rate for US citizens is below zero.
We are borrowing a bit more than we earn. Would that this was true of the Bush Administration, which is borrowing a LOT MORE than we earn. George W. Bush has borrowed more money than all the Presidents in history before him, over $4,000,000,000,000.00.
Four Trillion Dollars is a lot of money. One Trillion is the bill for Iraq if we stop right now this second...but we won't, and that will have to be added but we'll stick with Four as the number right now. If we only pay interest on Four trillion dollars and we can get it at 5%, which may be optimistic given the state of the Bush Dollar which is now worth less than the "loonie", we will have an additional burden of $200,000,000,000.00 added to the USA's cost of merely existing.
And it goes on forever.
That's 200 Billion Dollars a year forever. We have a problem, America, and with that in mind, there is only one appropriate gift for children this year.
One of these.
The Great Depression was the price America paid the last time we got in this situation, and I can't see much of a way to avoid something like that in coming years. Bush has borrowed the credit card over the limit and will do his damnedest to get out of the house before the bill comes in. The next President will not only have to deal with the most screwed up International situation in my lifetime, but the worst financial situation America has been in , maybe ever.