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How long do you think it will take American's to get back on their feet financially?
hmm i really know but i would guess 4 or 5 yrs or sonner hopfuly
i'm wondering if it will to be honest. the U.S. has changed dramatically in the last 25 years and i doubt it will ever recover completely. between the need to fight wars, the need to blame the government for all it's problems and just plain greed, i think the U.S. is going to hurt more before it even begins to get better. now people want trump as their next president, wow.
A lowered standard of living and the economic savings that will be squeezed out of wage earners will not go to retooling factories nor technology advancements but in paying off the war loans.
The only hope is advanced education - which will never happen becuase USA is the last in education among industrialized nations and is getting worse with the cutting of student loans and the closing of schools. Our childrens' children will be living the Amercian nightmare.
Here's a reference:
http://people-press.org/2010/06/22/sect … al-trends/
"Most expect the average family's standard of living will not improve by 2050 and there is a widespread belief that economic inequality will increase. ... Fewer than half (44%) see public education improving by 2050, ..."
I think the problem isn't "getting back on their feet" but changing deeply rooted financial patterns and habits. We need to start realizing that the only way to really keep your finances in check (as an individual and as a society) is to live within your means. Once this becomes ingrained in your personal finance philosophy, it will be easier to 1) manage your money, 2) prepare for financial emergencies and 3) better respond to economic factors that could negatively affect income, savings, etc. We have a long way to go, I'm afraid. Even once the economy is back to normal if we still have poor spending/debt habits we are only looking to fall into the same traps.
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