Parents and schools need to teach thrift and savings as respected and desirable values. They need to show how this benefits not only the country but the individuals as well.
(SALEM, Ore.) - Our country is a mess. Right here in Salem, Oregon, but elsewhere as well. Yes a large part is the ever widening gap between the rich (the haves) and the poor (the have-nots) and the ever shrinking middle class, but what is something individuals are doing that is as destructive?
Spending every penny they have (and can borrow) like there is no tomorrow. That's what!
EZ Pay plans, refinancing homes every three months to constantly squeeze every penny out of equity as if equity is a bad word, etc. This lack of self discipline and patience, saving up for what you want when you can afford it instead of overextending yourself now, seems to be the rule today.
And this is causing bankruptcies to skyrocket. This is not a good thing.
What happened to saving? That is in large part what helped this country be great in the 1940s-1960s. Then the 1980s came along with Reaganomics (aka "How to Bankrupt the USA Without Really Trying") and it was all thrown out the window. The attitude then was that to help the economy all you had to do was nothing but SPEND,SPEND,SPEND,SPEND,SPEND regardless of whether you could afford to or not!
So what if you live your life one paycheck from financial ruin? You NEED it NOW! Right? Be patriotic! Debt is Good! Solvency is Evil! Or so the rhetoric seems to go.
It its nothing short of institutionalized irresponsibility. It is self-destructive and it puts our national security at risk since most of those debts are being bought up by foreign powers like China. As if our trade deficit with them was not bad enough!
In short it is just plain moronic.
People need to look at what they are actually paying with EZ Pay plans vs just saving up. Often they pay 3-5 times as much for the same thing, or more! Isn't that just the smartest way for consumers to go?
Parents and schools need to teach thrift and savings as respected and desirable values. They need to show how this benefits not only the country but the individuals as well.
If interest was being MADE in savings instead of SPENT in EZ Pay plans, credit cards and refinances people would be getting more financially secure instead of less so.
But the average consumer is so blinded by the shiny big screen TV or diamond ring with Madison Avenue screaming in their ear to BUY BUY BUY that obviously they cannot think clearly and make reasoned and responsible decisions.
This trend needs to turn around or the term 'wage slave' will take on new meaning as consumers have their backs broken under the weight of their debts before they can even manage to pay for real needs like food, utilities, clothing, housing etc.
Madison Avenue needs to stop LYING to people making it sound like the only way you can get what you want is to go into debt for it... when you can always just save up for it.
And constantly refinancing your home means you will NEVER have it paid for as well as totally screwing you if the real estate market takes a downturn and your home becomes worth less than you owe on it.WAKE UP PEOPLE!!
America's Debt Ridden SocietySalem-News.com