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FROM CNN's Jack Cafferty:
Americans may finally be learning how to tighten their financial belts. But it's not by choice.
The U.S. economy is in trouble, and people are feeling it. They're seeing the number of jobs shrink, housing prices fall while their debt continues to grow. The New York Times reports that what this means for more and more of us is we're being forced to live within our means. Imagine that.
Some experts are convinced that most Americans, especially baby boomers, will never stop living on credit. But the fact of the matter is that millions of families already have been left with very little choice.
And, it's starting to show. Some have stopped using credit cards, or going to the movies and restaurants. There are also clues at malls and shopping centers across the country, where people are heading to discounters instead of higher-end stores. Business at stores like Wal-Mart and TJ Maxx is booming, while places like Coach, Tiffany and Williams-Sonoma are seeing a slow-down.
Remember that consumer spending is two thirds of our economy, and if people are starting to spend less, it will only make any recession worse.
And then there's this: economists say people are going to have start saving the old-fashioned way – instead of relying on the stock market and rising home values. Statistics show that in 1984, Americans were saving more than one-tenth of their income. Today, the savings rate is actually slightly negative.
Here’s my question to you: In today's uncertain economic times, are Americans finally learning how to live within their means?
Interested to know which ones made it on air?
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