This is exactly right. The economy has grown to unsustainable levels based on the economic habits of the average American who can't be bothered to save, hence the crash we're seeing now. At sixty hours a week, that guy should be making six figures, pre-tax. There is zero excuse for not saving. Everyone should save at least six months of salary for emergencies; though a few people legitimately can't, most Americans simply don't bother because they'd rather spend that money on the new i phone.

Edit: Williamdclt, I'll answer your question here due to rate-limiting.

Yes, lots of us do; I've been working that way since internships in high school. Same with many others I know. Usually, though, it's close to 12 hours a day and none on Saturday, or maybe 11 a day and a little on the weekend. Not an issue so long as you plan about an hour a day for something fun and mindless, and leave weekends free to do chores/relax.

Edit: Consz, responding here due to rate-limiting.

Not all of us live in the same world. I'm glad to hear you and your friends are doing well, but that's not representative of everyone. I do because I'm currently hourly, and that's true of many of the people I mentioned. When every additional hour worked has more money associated with it, most people will work more; that's not silly. The downside is, of course, there's a distinct opportunity cost to taking time off, so I don't do so much of that.