According to a survey commissioned by Citigroup, 80% of Americans who earn less than $50,000 have cut back on expenses recently. Of the entire group of 2,005 respondents, 63% say their spending habits have forever changed.
Those results are promising, but I wonder if they will hold up. We are a nation of debtors (unfortunately, myself included). Our government is so deep in debt, and our trade deficit so huge, that this country is selling itself off, one piece at a time.
Just how serious a debt problem does this nation have? My next post will bring you an explanation from Warren Buffett.