Sirota: Overconsumption won’t save America

[salvorhardin]

3. Elizabeth Warren: The Over-consumption Myth

There is no evidence of any “epidemic” in overspending—certainly nothing that could explain a 255 percent increase in the foreclosure rate, a 430 percent increase in the bankruptcy rolls, and a 570 percent increase in credit card debt. A growing number of families are in terrible financial trouble, but no matter how many times the accusation is hurled, Prada and HBO are not the reason.

Source: https://docs.google.com/viewer?url=http://www.yale.edu/law/leo/052005/papers/Warren.pdf

Elizabeth Warren interviewed about why Americans are really going broke.