• Consumers Can't Save Economy - money.cnn.com

    http://money.cnn.com/2008/05/21/news/economy/consumer/

    I'm finally glad that a big site such as CNN is admitting publicly that it's not the consumer's responsibility to save the economy.

    This article was a few weeks ago, but it's still important to talk about.

    According to this article, "Consumers are too tapped out to lead the economy out of its troubles".

    Hooray for somebody finally admitting it. It will take the pressure off of consumers for not feeling they have the responsibility of spending the economy back into the black.

    Over the last few decades, the priorities have been to spend, spend, spend. Keep up with the Jones. Have the latest technology. Buy the newest toy. Renovate your house to the maximum that you can afford.

    I'm hoping that the government authorities will stop asking people to stimulate the economy for them.

    It would be nice if consumers took a rest from their gluttonous spending for the next few years, and paid down some of their debt. Instead of being constantly tapped out, they need to be paying down debt and getting back into control of their personal finances.

    That is the message that I would like the federal government to start promoting to people. "Pay down debt and save money!"

    People aren't mechanical. They've got alot of issues to deal with. I'm sure that alot of marriages are having trouble because of the high level of debt they're carrying. The family is suffering because of all of the interest and debt payments they're making. Is it prudent to ask the consumer family to put themselves even more at risk? I don't think so.!!

    Again, I am glad that CNN is admitting that consumers can't pull the economy out of debt. Hopefully this is the start of discussion that changes people's attitudes about their gluttonous spending.


 
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4 Comments
On Jun 10, 2008, Vampchick21 Said:
It's amazing, the movements you stumble across when looking for a knitting pattern....lol. I can tell you that the first few months of a spending diet is HARD, in big bold letters. Especially when you're used to plunking down money for whatever catches your fancy, need it or no.

And not only does it help you make the start to a healthy financial lifestyle, it also helps you learn that what you want and what you need are not always the same thing (and not knowing the difference when I was younger got me into a bit of a mess). It forces you to relook at your life and 'stuff' and rethink what it takes to live happily.
On Jun 10, 2008, Monty Loree Said:
I like the concept of spending diet. That's pretty much what it is. You need to see how much is the least amount of money you can spend, to maintain a healthy financial lifestyle.
On Jun 7, 2008, debt consolidation unsecured Said:
Good point indeed, and the fact is that you can save as much money as you can but if country\'s economy is not improving then it has nothing to do with consumer.
On Jun 4, 2008, Vampchick21 Said:
There's actually quite a growing movement out there of people going on spending diets or vowing to do things like refashion clothing/purchase thrifted clothing, which I think is in response to this entire economic situation. I've pledged for both a spending diet and a 6 month wardrobe refashion (which is going to help keep my money in my own hands, thankfully what debt I have is tiny and is under control, I just need to do that whole savings thing)
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