Saving, Not Spending, Is What the Economy Needs

The U.S. economic recovery has, by many metrics, been gaining steam over the last few months. The most recent job numbers were stellar, consumer confidence is as high as it’s been since the financial crisis, and the real estate upswing continues. Yet there is another side to this story. Consider that while more Americans are debt free than they were in 2000, those who do carry debt have 40% more than they did back then, according to the Census Bureau. This is in large part because debt carried by vulnerable groups, like seniors and students, has burgeoned.