In inflation-adjusted terms, we spent 40 percent less 20 years ago per capita than we do today. How did this happen?
Investing was winning the battle over consumerism until about two decades ago. Then, consumerism started to take over and the national savings rate began a steep downhill slide. Instead of saving about 10 percent per year as a nation, we started spending more and saving less.
Part of the problem is that industry and the ... Full Story »