[rdm42116]

If Americans are truly NOT saving (as opposed to just not using savings accounts):

Yes, being judgmental without knowing the whole story isn't a good thing, but that misses the point: people are choosing to spend instead of save-and many times it's on luxuries. He's not just talking about the poor.

It is a fact that an iPhone is a luxury. There are plenty of much cheaper phones that function exactly the same as an iPhone. But through excessive marketing and a digitized world, people are convinced they NEED an iPhone. They're convinced they NEED a $1500 Macbook Pro for school in liberal arts.

It's not good to make judgments on the poor, but this is 69% of Americans, not just the poor (impoverished are closer to 15%), and that's the scary part. Most but the top 30% are spending above their means, and getting credit to do it, in an economy that's probably not going to grow like it did in the 20th century.