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It looks like consumers, individuals and families are smarter than government.
While government continues to increase taxes, sell bonds and create new programs, consumers have slowed down the use of debt (credit cards).
"Among the 11 percent of consumers who claim they have an increased ability to put funds into savings, 46 percent have decreased the use of their credit cards, and 51 percent have decreased their spending on discretionary goods, such as entertainment, travel, luxury items and cars.
Credit card use among consumers decreased 31 percent between 2007 and 2009 (87 percent in 2007 down to 56 percent in 2009); if this rate of decline continues through years end, credit card use will fall below 50 percent."
Looks like consumers are smarter than government. Now they need to vote for regime change to convert government from a spending machine to an austerity machine.
Cut spending, stop the sale of bonds--get a responsible budget--that is the road to recovery--not a trip to Asia for Arnold to ride choo-choo trains.
More...
While government continues to increase taxes, sell bonds and create new programs, consumers have slowed down the use of debt (credit cards).
"Among the 11 percent of consumers who claim they have an increased ability to put funds into savings, 46 percent have decreased the use of their credit cards, and 51 percent have decreased their spending on discretionary goods, such as entertainment, travel, luxury items and cars.
Credit card use among consumers decreased 31 percent between 2007 and 2009 (87 percent in 2007 down to 56 percent in 2009); if this rate of decline continues through years end, credit card use will fall below 50 percent."
Looks like consumers are smarter than government. Now they need to vote for regime change to convert government from a spending machine to an austerity machine.
Cut spending, stop the sale of bonds--get a responsible budget--that is the road to recovery--not a trip to Asia for Arnold to ride choo-choo trains.
More...