"Thrift used to be a virtue in America. In Asia, thrift remains a way of life—for example, it is estimated that the average Chinese family’s thrift rate is 30 to 40 percent—which helps explain the rapid growth rates there.
A century ago, the sociologist Max Weber credited the so-called “Protestant work ethic,” combining thrift with hard work as the engine of America’s economic preeminence. How times have changed! While many Americans are thrifty, many are not. The political divide of blue-state and red-state Americans is replicated in an economic division between red-ink and black-ink personal finances." Visit:
America’s Debt Problem:
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