If most Americans had to choose between saving and spending, they would decide to join the spending team. Americans are so drawn to spending that they will even purchase items they cannot afford. Another recent survey found that 40 percent of Americans have less than $500 saved. This aligns with a survey we found last year stating one out of every three Americans has nearly no savings. How is it possible that in the most prosperous nation in the world that we have an addiction to spending but also financing this spending through incredibly high levels of debt? We are reaching a level of peak debt for our nation and it is understandable that we cannot continue on this path. Of course platitudes and lip service abound but a national debt of over $16 trillion reflects a nation willing to go into massive debt to keep the dance going for a few more hours.

http://www.amrpt.com/2012/10/21/false-prosperity-through-debt-4-out...