Posted by kelly C on January 17, 2009 at 23:53:00 from (75.161.211.203):
I watched a program the other night that really shined a light on part of the problem our contry is in now.
Did you know that even though the Chinnese make just a fraction of our income per capita. Some thing like $2000 a year or less. They save a high percentage of that money. In the range of 25%. Individually thats not much, but times that by billions of people investing. That is a substatial sum of money.
Where does that money go? It goes to buy US and other assets.To invest in US banks ect. That is where all the excess capital came from that got loaned out to unqualified home buyers and shady bussiness deals.
The root of our current problem?
Where does US money go? Mostly our money does not get saved. It gets used up consuming products from China and Japan.
In effect we are swapping US assets for China junk.
Now I am not going to say that I have not enjoyed being able to get a cheap CD player. If I did I would be lieing. I guess I also would like the oportunity to be able to buy a cheap CD player latter on too.
We have to find a way to ballance this thing out some. Its tilted way to far out of wack.
Personally my Wife and I have made changes to our life style to accomodate more savings.
If the idea is to wait until every individual has the bulb go off. It might come on too late.
I think whats needed is a tax break for normal savings. We already have 401K's and IRA's and the like. That is for retirement savings.
What if you could dump up to 25% of your take home pay into a savings account that you still could take out of if needed? Then at the end of the year. What ever you had in it would be taxed at a lower rate. The next year any increase from the year before would also be taxed at that rate.
That way your money could go in and out as needed. You would only have to deal with the tally man at the end of the year.
Just a idea.
This post was edited by Kelly C at 00:10:56 01/18/09.
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