via WSJ
Source:
What a Penny Saved Costs
SUDEEP REDDY
WSJ, JANUARY 6, 2009
http://online.wsj.com/article/SB123120956010956387.html
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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January 7th, 2009 at 10:16 am
Bah! Ridiculous. Those calling “Frugality Trap” when the savings rate is 0-2% are absurd! If THAT is really, the problem, then I can assure you that THAT is NOT the problem. If our economy can’t survive with a savings rate of 2% then it’s not the savings rate that is the issue; it’s our foundation.
January 7th, 2009 at 10:38 am
Good point zebov. At 2% that would get you what, one mortgage payment if your laid off?
January 7th, 2009 at 12:03 pm
If you want people with middle or lower incomes to spend more, you have to pay them more. Our current problem is all the money piled at the top. How much of a couple of billion can you really spend?
January 8th, 2009 at 2:16 am
I’d love to see another graph aside those two — median wage since 1980.