http://www.foxnews.com/politics/2009/02/01/frugal-americans-hurt-economic-recovery/
The media calls it a 'Paradox of Thrift'.
I think Bart Simpson said it best; 'You're damned if you do, you're damned if you don't.'
All I can tell you is that I won't be buying a big screen TV or IPod or bluetooth/blue ray/blue chip anything in the near future. I'm in total 'make do or do without' mode and I'm thoroughly enjoying it. I'm not suffering from an economic depression...I'm enjoying every minute of it!
3 comments:
I saw a very similar story in the Wall Street Journal a few weeks ago. Crazy.
I agree. The law of unintended consequences strikes again. If we wouldn't have been whipped into such a consuming frenzy, maybe things could have been a little more level all the way around. But you can't blame the people for suddenly saving their income!
A technicality perhaps, but the story at the link didn't come from Fox. It's an AP piece. fwiw.
So, wait, they're bitching because we're ruining the economy? WRONG. They should complain about the fact that our economy is bult in such a way that we must spendspendspend to keep it afloat. There's something wrong with the way th economy is constructed, nothing wrong with saving! Infact, the only thing I see WRONG with the saving is how little we're doing. 2.9% is better tan less than a percent, but it is still a very low, very poor statistic.
By the way, have you seen http://cakewrecks.blogspot.com/ ? VERY funny. This is where I go now to cool off and laugh when these sort of stories frustrate and anger me. Oh yeah, and my new doggie will be home on 3/4/09! I just got a video of her in the mail yesterday and I cannot wait until she's here. :)
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