Comments on: Slimmer wallets, richer lives?

By: HBC

HBC — Sat, 05 Jun 2010 20:13:23 +0000

Families that have to work three jobs just to pay bills have probably done all the cutting back that can be humanly expected of them. While it’s important in general to spend wisely not prodigally, though stating the obvious, preaching to Americans about less consumption sounds a lot like telling Soviet Russians to have a nice Stalinist day: empty, at best, patronizing at worst.

By: gh56

gh56 — Fri, 04 Jun 2010 03:03:58 +0000

Debt is slavery. Less is more.

By: Soothsayer

Soothsayer — Thu, 03 Jun 2010 17:17:33 +0000

“Slimmer wallets, richer lives?” What, are you saying that citizens should embrace rampant stagflation, reduced buying power, stolen personal wealth, and enforced servitude to reckless government debt, with an hypnotic smile on their faces? “Thank you, sir! May I have another?”

I’ll take my fat wallet and save more, any day, before I take a slim wallet and save more.

Also, for those of you who think the captains of capitalism have generated this vast wealth sucking vacuum in the absence of government intervention, you are wrong. It has been fostered with the complicity of government, and both parties in it. The trick, of course, is to get as many people as possible in debt to you-get that monthly payment, and get it up front if possible (e.g. our secondary education system) any way you can.

By: user4301

user4301 — Thu, 03 Jun 2010 15:35:57 +0000

The disconnect between reality and theory continues.
Ask yourself how many people you know can buy a house($100,000) or a car ($30,000) or a washer($500) and only use cash.

By: BB1978

BB1978 — Thu, 03 Jun 2010 15:23:30 +0000

Great, thanks for stating the obvious. I would suggest you read Elizabeth Warren’s book. You might be suprised to find that middle class Americans highest increase in spending over the last couple of decades has been on housing, childcare, and healthcare, not on material goods. The last time I checked these were not optional. Rampant materialism is probably not good for any society, but if you preach the about the free market, it is hypocritical to talk about how materialism is bad. I bet if you talked to CEO’s of all major corporations in this country they would disagree with you. Our form of capitalism requires people to buy crap they don’t need. Without it, we would experience economic collapse. The last time I checked folks in your camp want small government, no regulations, and no hold bars capitalism. Guess what? For that model to work, people have to spend money on stuff they don’t need. You know what would give you some credibility? If you were actually consistent. Never mind, you probably don’t know what that word means.

By: drewbie

drewbie — Thu, 03 Jun 2010 14:51:18 +0000

This trend hints at a promising future, if it continues.

I’m curious why you claim credit card debt is “the worst kind of debt.”

By: eichelberger

eichelberger — Thu, 03 Jun 2010 14:45:27 +0000

For the past 30 years I have watched the rise of the current money culture associated with the rise of the stock market, I have read commentaries about what motivates people to spend and compared them with my own reasons. Why is it no one comments on the influence of shame on spending? The shame pressures on me and my family, the punishment for not spending, was traumatic. Now that it is the spenders that bear the burden of shame, I can walk the streets at peace, and I rejoice that I don’t have to spend to avoid abuse. Perhaps others share this experience.

By: NSSales

NSSales — Thu, 03 Jun 2010 13:13:53 +0000

Insightful article and excellent blogs.
Go to garage sale or to Salvation Army and you can see how people spent their money and after a while, they need to dispose. Too much stuff. If you travel overseas and if the waiter gets to know that you are an American, he gives more extra service expecting the generous American tip.
Being an American is a blessing. Our land is immense and very rich, fertile, productive and no country can match. Our talent or human resource is even more unreachable by any other country. And that is why a lot of people from all over the world like to come to America. America is rich. Indeed.
My daughter and I went to McDonalds and we spent $8. My daughter said, “That’s it”. And I answered back, “Honey, that’s not the point”. And I showed her the $3.98 that we are charged for soda. We Americans can afford a lot of stuff but is it really necessary? Do we really need 6 pairs of shoes? Well, my wife has 6 Nine West and about 6 “other brand” bags. These are just the small stuff. Folks in Houston drive to work in a Suburban. A friend of mine lives in a 3,200 sq.ft. house a 30-yr mortgage of about $3,600 per month. We just say, I can afford it.
For folks who cannot afford but has a way to get stuff by credit or easy loan, that’s when the trouble starts. America, we have a lot of work to do. We need to curb our unnecessary spending and use the money for a better cause and genuinely necessary stuff.

By: GLK

GLK — Thu, 03 Jun 2010 11:56:46 +0000

America runs on debt. Without it, the money machine stops. Americans have simply modeled their economic lives after the way Government and big business (including banking) have been doing business for decades. It’s a trickle-down-lead-by-example effect. It seems highly hypocritical for the powers that be to scold the populace for doing exactly the same thing they’ve been doing for years. “Do as I say, not as I do” doesn’t work, never will.

By: alwayslearning

alwayslearning — Thu, 03 Jun 2010 11:28:01 +0000

It is puzzling that saving is such an uncommon notion to anyone. Having been raised by Depression-era parents, money was never used for anything than what was needed, and being poor, we couldn’t afford what was needed. Why is everyone so confused about spending and saving? When I raised my own children, we had a rule when they received money gifts, spend half, save half. Today, our 24-year-old son practices living within his means and pays his bills. Imagine that!