Medford mail tribune., March 24, 1960, Image 21

Thuraday, March 24, 1 960 B MAIL TRIBUNE, Medford, Or.
American Consumers About
Richest Group in Entire World
Br ELMER C. WALZER
UPI Financial Editor
New York -d;PD- Consumers
in the United States - little
people like you and me who
"""OT make ud the
I backbone o f
our
bv
t1 lions
economy
their bil-
in pur-
' chasing power
-are just
about the rich
group in the
whole world
if you add up
Elmer Walzer their assets.
National Consumer Finance
association did that bit of add
ing and came up with a big
number. Based on Sept. 30,
1959 figures - latest available
consumer assets aggregated
$1,493,100,000,000. That reads
one trillion, four hundred
and ninety-three billion, one
hundred million dollars.
There are two kinds of as
sets fixed assets, like homes
and durable goods, and cur
rent assets such as money in
the bank.
Of the near trillion and a
half dollars of consumer as
sets, current assets amounted
to $915,600,000,000. These
were made up of S 1-79,500,-000,000
in currency and bank
deposits; $56,400,000,000 in
savings shares; S200 billion in
insurance and pensions; $101,-
600.000,000 in government se
curities and $378,100,000,000
in corporate and other securi
ties. Fixed Assets
Fixed assets totaling $577,
500,000,000 were made up of
$386,900,000,000 in home
ownership; and $190,600,000,
000 in durable goods.
Current liabilities of con
sumers what they owe im
mediately - stood at $49,400,
000,000, with fixed liabilities
of mortgage debt at $115,800,
000,000. These two items
brought liabilities to a total
of $165,200,000,000.
When total liabilities are
subtracted from total assets,
American consumers have a
net worth of $1,327,900,000,
000. National Consumer Finance
association looks for eco
nomic expansion to continue
throughout 1960 but at a
slower pace in the last, half
of the year.
New Highs Expected
Earnings, output and em
ployment should reach new
record highs about mid-year,
the association estimates.
"Housing starts may be
down," it says, "farmers' in
come down, and consumer
credit expansion may be slow
er. "Inventory rebuilding will
accelerate in the first half of
1960; consumer spending will
be up around $18 billion; per
sonal income after taxes, up
around $20 billion.
"Gross national product
should reach a rate of $520
billion by the end of the
fourth quarter of 1960. aver
aging between $505 billion
and $510 billion for the year.
"Consumer prices may be
reduced somewhat as business
fights back against three de
pressants operating in Janu
ary 1960 - the stock market
decline, disappointing pattern
of new auto sales, and con
tinued tight credit."
Record Disposable Income
All this means that con
sumers will have a record
high amount of what is called
disposable income for 1960.
Disposable income is personal
income after income taxes.
The higher disposable in
come the higher is the po
tential spending of the con
sumer. Also the savings po
tential rises. Consumer spend
ing and saving are two major
requisites of a strong economy.
SERVICE STATIONS
Chicago There are more
than 210,000 service stations
in the U.S., 95 per cent of
them owned or operated by
independent local dealers.
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89
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