10 Ways to Get Americans Spending Again – But Why?
Amid fears that we are entering the second dip of a double-dip recession, the “why don’t we spend more” hand-wringers are at it again. They want to know why American consumers aren’t prowling the store aisles and throwing crap in their carts. They also want to know what can be done to make them throw more crap in their shopping carts.
Maybe the answer is that some consumers have finally learned that putting more crap in their carts will not improve their lives or make them happier. They have discovered that spending less and saving more is an excellent personal finance strategy.
The “spend to our economy is healthy again” advocates argue that we need more consumer spending so that more people will have jobs.
Sorry – that’s not persuasive.
I’m not responsible for your job. My first obligation is to manage the finances of my family. If that means spending less so that we have more personal cash reserves, then that’s what I will do. With that strategy, we don’t have to look to others for help when economic times get tough for us.
I’m all in favor of jobs for everyone who needs one. That doesn’t mean I’m in favor of full employment for lawyers or MBA students. Indeed, we need fewer of them so that some of those cash-cow unneeded degree factories might shut down.
But I will not spend more (or rationalize reckless spending) to “get our economy moving again.” You get your economy moving again. I’ll worry about mine.
Here is a link to the article that provoked this rant: 10 Ways to Get Americans Spending Again