Quote:
Originally Posted by strupgolf
And remember, around 95% of all homeowners in the US are still paying their mortgages on time each and every month. Thats pretty darn good. Now next month, uh, I'll get back to 'ya.
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And that actually is the scary part. It just goes to show what a knife-edge our economy exists on at any given time. Just like most people in their personal finances, our economy and our government is budgeted to the last dime - sometimes overbudgeted. It doesn't take much to send it careening out of control.
This is the direct result of a consumption-based economy rather than a savings/wealth accumulation based economy. If we were the latter, we'd be much more able to absorb cyclical variations and even the effects of stupid decisions (like housing in the last few years).