It’s been a third decade when Americans witnessed economic success with the prism of cooked books and lofty promises – $85 billion in abrupt budget cuts would be an uncouth arising.
The government owes $16.5 trillion, borrows another $1 trillion each year and must satisfy the will of voting populace intent on receiving $1.8 trillion in annual tax breaks for buying a house, medical insurance or saving for retirement.
There is, however, a silver lining to it all: Americans might rediscover the things that really matter in life.
Marketing like television ads, shopping malls and product placement defined the success; credit cards only allowed people to buy it. Sure enough, consumer debt as a percent of disposable income jumped by 75 percent from 1980 to 2010, just as the economy became increasingly addicted to consumer spending, growing from 62.5 percent of GDP to 70 percent during the same period.
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