Financial Wake-Up Call 3-23-2007

A pie chart of who owns the US National Debt:

Who owns the US National Debt
Source: The Skeptical Optimist

Why Having More No Longer Makes Us Happy: An academic look at the question that is quite in depth and fairly long, but well worth the read if you have the time:

If we’re so rich, how come we’re so damn miserable?

In some sense, you could say that the years since World War II in America have been a loosely controlled experiment designed to answer this very question. The environmentalist Alan Durning found that in 1991 the average American family owned twice as many cars as it did in 1950, drove 2.5 times as far, used 21 times as much plastic, and traveled 25 times farther by air. Gross national product per capita tripled during that period. Our houses are bigger than ever and stuffed to the rafters with belongings (which is why the storage-locker industry has doubled in size in the past decade). We have all sorts of other new delights and powers — we can send email from our cars, watch 200 channels, consume food from every corner of the world. Some people have taken much more than their share, but on average, all of us in the West are living lives materially more abundant than most people a generation ago.

What’s odd is, none of it appears to have made us happier. Throughout the postwar years, even as the gnp curve has steadily climbed, the “life satisfaction” index has stayed exactly the same. Since 1972, the National Opinion Research Center has surveyed Americans on the question: “Taking all things together, how would you say things are these days — would you say that you are very happy, pretty happy, or not too happy?” (This must be a somewhat unsettling interview.) The “very happy” number peaked at 38 percent in the 1974 poll, amid oil shock and economic malaise; it now hovers right around 33 percent…

10 Oddball Tax Deductions: On a lighter note, some strange tax deductions the IRS has allowed from breast augmentation and trips to Bermuda.

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