From: John Cuccia 

On Fri, 24 Feb 2006 08:16:38 -0500, "Rich Gauszka"
 wrote:

>>> What economy?  - A good portion of US manufacturing here has moved to
>>> China  and it has secured a large amount of our debts and assets
>>
>> Oh?  Then what is everyone doing for a living here if there is no economy?
>
>Living on a reduced income?

And credit, and any long-term savings they may have had:

http://www.tpmcafe.com/node/27092
The newest Federal Reserve report on changes in family finances-- looking
at changes from 2001 to 2004 -- highlights the decline in families with
private retirement accounts for individuals.   While the
news is dominated by employers eliminating defined benefit pensions, the
fraction of families with individual retirement accounts also fell 2.5
percentage points in those years.

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