The Changing Face of Money 383
2010-2011 THE CHANGING FACE OF MONEY 383 THE CHANGING FACE OF MONEY CHRISTOPHER M. BRUNER* I. Introduction It is a truism that each generation views money differently. Parents of baby boomers, having lived through the Great Depression, are understandably said to be savers. Boomers themselves, on the other hand, while “arguably the most prosperous generation in American history,” have tended to short-change saving for retirement—though often to assist their adult children, “from paying their college loans and allowing them to move home and live rent free, to paying off their credit card debt and making mortgage payments for them.”1 Tellingly, the U.S. personal savings rate plummeted from 10.1 percent in 1970 to 0.8 percent in 2005, while the household financial obligations ratio rose from 13.4 percent in 1980 to 17.6 percent in 2007.2 Consumer spending, meanwhile, “has become the largest component of U.S. gross domestic product,” representing over two-thirds of U.S. economic activity.3 * Associate Professor and Ethan Allen Faculty Fellow, Washington and Lee University School of Law. A.B., University of Michigan; M. Phil., Univer- sity of Oxford; J.D., Harvard Law School. For generous financial support, I am grateful to the Frances Lewis Law Center at Washington and Lee University School of Law. Many thanks to Adam Scales and Robert Vandersluis for helpful comments and suggestions, and to my parents for Grand-dad’s silver certificates. 1 Ameriprise Financial, The Ameriprise Financial Money Across Genera- tions Study, Sept. 2007, at 3, 7, 9. 2 See Harold James, The Enduring International Preeminence of the Dollar, in THE FUTURE OF THE DOLLAR 24, 36 (Eric Helleiner & Jonathan Kirshner eds., 2009); Federal Reserve Board, Household Debt Service and Financial Obligations Ratios, http://www.federalreserve.gov/Releases/ housedebt/.
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