Is the surge in Christmas buying a good thing? Figures were released this week that American households have a lower net worth (corrected for inflation) on average than forty years ago. So, let's spend more and save less? That's good news?
American families are collapsing under their own sea of debt while the future of their children and grandchildren have already been sacrificed for the welfare needs of current generations. This is good?
It is a sign of the times that things that increase our level of debt and reduce our attention to thrift and responsible spending are now seen as good things? Look at CNBC news. They trumpet the "Rise Above" slogan, encouraging politicians to kick the can down the road by coming to any agreement, no matter how absurd, to avoid the fiscal cliff. "Rise above" means rise above sanity, one supposes.
President Obama is almost a caricature of how absurd our politics have become. What does he advocate? More spending, higher tax rates, and more regulation ... this for an economy that appears to be staggering back into recession territory.
Americans need to be saving and investing. That is what made America the wealthiest nation in the world in the first place. Both the private and public sector need to be saving, not running higher and higher deficits.
Americans should cool it on Christmas shopping.
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