; Middle-Class Americans Expect Uncle Sam to Tighten His Belt, Too

Summary

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Deficit reduction's political potency is sweeping America - everywhere except Washington. It is coming not from the federal government, but from a fundamental change in the electorate's view of debt in their own lives. As America's families reduce their debt, they are demanding their governments do likewise. Far from a fad, it has become for them a way of life.

America's families have long been highly leveraged. And as a result, the U.S. consumer and the U.S. economy drove the world's economic engine.

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Extract

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; Middle-Class Americans Expect Uncle Sam to Tighten His Belt, Too

Being highly leveraged was highly logical for America's families. They were part of the world's biggest, strongest and most highly diversified economy. Their per-capita income was the highest and seemin...

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