The New York Times - Are current consumer debt levels a danger to the US Economy?

Bad economic policies encourgaed Americans to live beyond their means which in turn contributed to the current financial crises

NYT Editorial

Today’s financial crises were years in the making, as Americans, awash in tax cuts and easy money, lived beyond their means to an unprecedented degree, and the Bush administration, while cutting taxes, pursued wars and vast new spending. The next president must level with the people, explaining that bolstered savings, by individuals and by government, will involve sacrifice — delayed gratification of consumption in order to build a better foundation for the future.

im equating  "lived beyond their means" to things like credit-card debt and extravagant loans.

Posted on 7/20/2008 6:03:35 PM by nitinApproved 7/23/2008 8:09 PM