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The Elizabeth Warren video is a good one.  She demonstrates with graphs and government derived stats what has become very obvious.  The middle class has taken it on the chin for the last 30 years.  The truth is that Americans have not been foolishly spending all their incomes on luxury goods and electronics at the expense of savings.

I often wondered how my father, who earned less than $12K at the height of his working career, could put two kids through college, pay off a house, buy his cars with cash, and accumulate more money in savings (CDs of course) than both my brother and I (plus our working wives) combined.  This explains one part of the mystery. (By the way, I never buy a new car before my old one is at least 12 years old, bought my last television set over 30 years ago, and lived 30 miles away from work where houses were more affordable.)

The other part is explained by the fact that my father and my mother came from self sufficient farming families who knew how to live off food and products they produced themselves and little else.  While they left farming when even that couldn't produce a living, they retained many of their frugal habits.    

I can swear there ain't no heaven but I pray there ain't no hell. _ Blood Sweat & Tears

by Gringo (stargazing camel at aoldotcom) on Mon Mar 2nd, 2009 at 02:22:44 PM EST

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