And I do not mean for retirement (saving for retirement helps, but most of us are not there yet). From news about food prices going up 18.5% from January – September 2011, the Bank of America laying off 30,000 employees, to the new reports on credit card debt owed buy the average American,,,, I do not think we are going to pull out of this recession anytime soon.
The US government has spent so much money, that we will never be able to pay it off. Our great-grand children have been saddled with such a great tax burden, that there is no hope for the future generations.
This Bank of America is a troubling sign. Banks do not like to lose money. In fact there are all kinds of laws to protect banks from losing money. It was just a few months ago that the Federal government cut the banks a blank check, most of which went to performance bonuses.
If you judge the health of a nation but how stable its banks are, and one of the largest banks is laying people off, what does that say? It says the USA is in some deep crap.Read more