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Economic Challenges Facing Contemporary Business “If you can save money even on a limited income, your success is almost assured.” Debt A Global Bomb “It’s Clayton’s thesis that public and private debt is not the most compelling international issue.” “He is distressed that almost no one in the United States saves any money any more. ‘Our savings rate is very, very low. A couple of weeks ago, it went below zero. That has not been true since the 1930’s.’” Back in the 1950’s, 30 percent of your disposable income was debt… Now 92 percent of your disposable income is debt. The average American household has spent next year’s entire income, and that’s unprecedented in our history.” “Once in debt, interest is your companion every minute of the day and night; you c annot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.” – J. Reuben Clark “If there is any one thing t hat will bring peace and contentment into the human heart, and into the family, it is to live within our means. And if there is any one thing that is grinding and discouraging and disheartening, it is to have debts and obligations that one cannot meet.” – Heber J. Grant Thrift and Industry “In today’s fast -paces, money crazed society, there are attitudes regarding money and possessions about which we should all be concerned. Home equity loans and second mortgages can be had at the snap of one’s fingers. Cre dit cards and other kinds of plastic money are available to nearly everyone over eighteen. Borrowing money is made to appear effortless and desirable, with never a mention of the
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