The Fairchild Television News reported that 80,000 people in Ontario will be filing for bankruptcy protection directly or indirectly because of Boxing Day Shopping. Thanks to the ever evolving credit industry. Americans are exposed to credit risks and challenges everyday. Ever since I bought a house, I receive different type of pre-approved credit applications at least two or three times a week. Thousands of Canadians live on payday advances and visas.
Spending habits are very different in Asia, especially like China and Japan. My parents have taught me not to spend more than I earn and I should save for the future. In macroeconomics, what determines over performance of a nation? Should we use income (GDP) or the standard of living? Think deeply, which one is a healthier economy: Japan or USA? Japanese save a lot while Americans spend a lot. Do you agree that you will rather live in an economy where you consistently spend more than you make? Yes, Americans still rule.
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