A report entitled For a New Thrift: Confronting the Debt Culture was released recently in Washington, D.C. (1) Its sixty-two signatories, called the "Commission on Thrift," aim to reduce debt and to cultivate a habit of saving among Americans of modest means. Today I'll deal with the first part of the report which tell us what went wrong in our culture and next time I'll deal with the second part which outlines a cure.
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