Where’s the Spin Cycle?
Today’s business news: Oil prices continue to fall. Manufacturing accelerates. Consumers spend. Not bad, for the crumbling described only a month ago.
All good news? Well, we know the government has a problem with debt, and apparently, so do we. The savings rate of the US consumer is near record lows. Can we really blame the government because we want to buy stuff. No, but we whine when they are not there when we retire and have no money. (If only someone, some group could cater to this irresponsibility.)
Though, is our lack of saving a surprise. People use certain drugs because the government says they are legal, while condemning the use of other drugs. Using that same philosophy, why would anyone save more than the government tells them and promises in their social security? Hey, we are only cogs here to be properly managed by the government—well some of us, anyway.
Lest we miss it, the outcast is a bit more honest from the Organization for Economic Co-operation and Development (OECD). Their forecast: ho-hum.