I told you I would tell you the truth about "the anointed one" Mitt
Romney. Bain Capitalist Romney. OUR success is hardly guaranteed, as Romney's
experience shows. More than four years after the United States fell into
recession, many Americans have resorted to raiding their savings to get them
through the stop-start economic recovery. (Like the run on the Banks that caused
the Great Depression in the 20's that lasted into 1945). In an ominous sign for
America's economic growth prospects, workers are paring back contributions to
college funds and growing numbers are borrowing from their retirement accounts.
Some policymakers worry that a recent spike in credit card usage could mean that
people, many of whom are struggling on incomes that have lagged inflation, are
taking out new debt just to meet the costs of day-to-day living. American
households have been spending recently in a way that did not seem in line with
income growth. So somehow they've been doing that through perhaps additional
credit card usage. Just as Americans used to borrow against the value of their
homes before the property crash, now many are taking out loans from their 401(k)
retirement savings plans.