The average American is saving absolutely nothing these days. In fact, the average American spent more than he earned last year. Why? Nobody is sure, but economists say it could be a problem:
Whatever the reason for the low savings, economists warn that it the phenomenon exists at a particularly bad time with 78 million baby boomers approaching retirement age. Instead of building up savings to use during retirement, baby boomers are continuing to spend all their earnings.
Of course, this isn't a concern for the indulged boomers. They'll just vote in the politicians that will double their social security checks, even if it means breaking the country's economic backbone. As a demographic group, they've bullied America from the 1960s to today, and they sure as heck aren't going to change their set ways when they're sixty, seventy, and eight-somethings.
