SAN FRANCISCO -- Americans need a financial plan to turn them around. They’ve been consuming too much and saving too little for the better part of two decades, Bill Gross, PIMCO’s co-founder and co-chief investment officer, told a rapt audience of financial planners at the opening of the Schwab Impact 2011 conference.

“We’ve been bad squirrels in the fall and not put enough nuts in the tree,” Gross said. And now, in addition to not having saved enough to get through difficult times unscathed, the country is vastly underemployed, Gross said.

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