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The Federal Government has underwritten America’s spending binge

Until 1987 interest paid on consumer loans was fully deductible from income taxes

Mortgage interest and property taxes remain fully deductible

Credit cards, installment credit, and consumer loans have expanded tremendously

1990 – 2000 household debt doubled to $7 trillion

Social Security causes many to NOT feel a pressing need to save for their old age

Home ownership is seen as a form of saving

Why Do We Spend So Much and Save So Little?

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