New Legislative Body - Super Congress

[HappySqurriel]

richardhutnik said:

HappySqurriel said:

In other words, moderate Democrats, Independents and Conservatives are on board with the plan that is somehow on the "extreme economic right" because it expects the government to live within its means like the vast majority of Americans do.

Exactly where does the concept of "vast majority of Americans" living within their means actually fit?

http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php

Average credit card debt per household with credit card debt: $14,687* 

609.8 million credit cards held by U.S. consumers. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010) 

Average number of credit cards held by cardholders: 3.5, as of yearend 2008 (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)

Average APR on new credit card offer: 14.91 percent (Source: CreditCards.com Weekly Rate Report, July 6, 2011.)

Average APR on credit card with a balance on it: 13.10 percent, as of May 2011 (Source: Federal Reserve's G.19 report on consumer credit, released July 2011)

Total U.S. revolving debt (98 percent of which is made up of credit card debt): $793.1 billion, as of May 2011 (Source: Federal Reserve's G.19 report on consumer credit, released July 2011)

Total U.S. consumer debt: $2.43 trillion, as of May 2011 (Source: Federal Reserve's G.19 report on consumer credit, released July 2011)

 

Savings rates have fallen well below what would be desirable:

http://money.cnn.com/2010/06/30/news/economy/personal_savings_decline.fortune/index.htm

That hardly looks like "living within one's means" to me.  The debt engine all over the place has been running full throttle, and there isn't much else where America can go to jumpstart the economy.  

 

How many Americans have debt that is almost 7 times their household income and are spending 50% more than they earn every month?