Going out on a limb assuming the government numbers are correct, it's really not too hard to believe. The youth (being generous here) lives paycheck to paycheck, saves nothing, and spends every dime on 65 inch flat screen TVs, latest iPhone, and BMWs, and is left with $10 in his wallet. Before retiring I worked with many of these people and understood their pecuniary behaviors quite well. Doing the math: $10 times 47 equals $470. Yup, makes sense to me. This is a total non-issue.
|