The news out today told a story of Americans going back to their puritan fiscal roots.
Americans Pay Back Debts Most Since ‘52 as Jobless Spur Savings
(Bloomberg) -- For the first time since Harry S. Truman was in the White House, Americans are paying back their debts, a phenomenon that just might help keep interest rates low as the Treasury sells a record $2 trillion of bonds and rising unemployment increases U.S. savings.
The stable rock of the American citizen, repairing his balance sheet so that the Great American Economy can recharge with a clean slate, healthy and ready to take on the world. American Capitalism in action, continuing to work in the same way it has worked for hundreds of years.
At least that is what the first paragraph implies. Once you scratch the surface the story isn't nearly so pretty.
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