“What we say now is, ‘If we can’t afford it, we can’t buy it,’ ”

What a genius statement. Another interesting article from the NY Times Online. Some of the parts that I found interesting:

The top fifth of American earners generates half of all consumer spending

Now, she and her husband — a prison guard who brings home $2,000 a month — are grappling with $10,000 in high-interest debt. They no longer go to the movies or out to eat, except occasionally to McDonald’s. They quit their Internet service. Their car was repossessed. “What we say now is, ‘If we can’t afford it, we can’t buy it,’ ” Ms. Gamble said.

A decade later, the rate was down by half. Now, the savings rate is slightly negative, suggesting that on average Americans spend more than their disposable income.