Question: Debt is such a big problem in this country. The government keeps borrowing more money. It seems like people are losing their houses and going bankrupt more than ever before. Has anyone ever thought about making debt illegal, or at least cutting back on how much someone can get?
Answer: For the last two weeks, I have camped out on this financial catch-22: consumer debt seems to be good for our overall economy, but disastrous to many individual participants in that economy.
Jackson and Lincoln Parishes were the sites of my first visits with wounded warriors. I was only a child born 5 years after WWII. I started a learning process watching a World War II veteran caring for the wounded. I saw for the first time people who had been severely wounded in the great war. Traveling the back roads of Lincoln and Jackson, there were times that I will never forget. I now know that I was privileged to have been in the homes of many good people.
As a result of the loss of corporate pensions and concerns about the long-term viability of Social Security, most Americans anticipate having to be personally responsible for funding their retirement to a degree that would have been unimaginable just a few generations ago.
So the sooner you can start saving and investing, the better your chances for a secure retirement.
I started my seventh-grade year at the old A. E. Phillips School with the longest school supply list ever: a compass, protractor, 12-inch ruler, two Schaffer cartridge fountain pens with extra cartridges, a brown Nifty notebook that opened at the top and a package of loose-leaf paper.
No pencils, no glue, no scissors, no crayons, or even a box of Kleenex. On the first day of class, our teacher told us to come back the next day with a five-section, regular ruled composition book. The color didn’t matter.