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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (25663)12/7/2004 7:48:07 AM
From: ChrisJPRead Replies (3) of 306849
 
Hi Elroy -- regarding the public's fascination with debt. It's much simpler than that:

First though -- don't bring Reagan into it. His goal was to reduce the size and inefficiency of the Fed government as well as remove a crazy tax burden from the public which had fostered a huge tax loophole industry. So he did 2 things:

1. He cut back taxes.

2. He did the unheard of act of firing government employees.

The tax cuts forced Congress to cut spending but you can't cut all at once, so there were a few years where spending exceeded revenues. But the principle -- to cut back government spending -- was absolutely correct.

Now for the public -- its very simple -- we live in a society that is BOMBARDED with a message that says life is WAY MORE FUN if you have stuff. We are bombarded with that message from birth, thanks mostly to TV. TV also gives us the disconnect between what people look like on TV and most people look like, but that's another discussion.

Anyway -- most people can't afford to live the life they see "everyone" else living. Also -- kids these days don't understand that their parents WORKED THEIR WAY UP to their current lifestyle. Kids want to go from their home life to their own life with no decrease in their standard of living.

The answer -- buy now / pay later.

Chris
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