Saving our way deeper into a hole

November 20, 2008
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A recent article in The Economist predicts a deep recession next year if we Americans abandon our spendthrift ways and swing back to a savings lifestyle. What other nation, the magazine wonders, would buy enough things to keep the worldâ??s factories humming?

By now, the rap is well documented. Americans save virtually nothing after having stashed away nearly one in every 10 dollars earned as recently as the 1980s. These figures sometimes exclude 401(k) programs, which amount to savings, but the overall point remains.

A saving culture appears to be making a tepid comeback as Americans are increasingly sobered by debt overhangs on everything from housing to cars to vacations. But savings levels still are nowhere near anything that would impress a Depression survivor.

Where is this headed? Is the savings resurgence of the past few months a trend, or is it little more than a fad destined to vanish as soon as good times return?
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  • I don't know but I'm making out like a bandit right now. I'm 27, pretty frugal and live in a one bedroom <1,000 sqft condo that I own make around the median income for Indianapolis and am going on spending sprees. I have a nice stash of money saved, paid off my debt for my credit cards and car, just have a mortgage. I've been pumping money into the stocks and fund markets, bought around 100 acres of land, and became a part investor in a business.

    What recession? He He He!
  • good for you... now the rest of the world, with only one home and not 7 are going to still try to get ahead.

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  1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

  2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

  3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

  4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

  5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

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