Is our current economy favoring people who haven’t been wise with their money? Why is our national debt larger than it has ever been? Why does the average American have over $15,000 in credit card debt. Americans traditional save less than 5% now as opposed to 18% in the 1970’s. Why are our piggy banks on a diet? What is happening to us? Who is to blame?
“Don’t save money, borrow it (we’ll make it cheap)!”
Just a few years ago (ok, maybe more than 5 years ago, time has a tendency to deceive me as I age!) interest rates on traditional bank savings accounts were over 5%. Boy those were the days! I can remember scanning the mailbox with anticipation waiting for that monthly bank statement showing the increase of in my balance with compounding interest. Fast forward to today…you would be lucky to get an interest rate of .025%. Ridiculous I know! And now mortgage rates are barely over 3%. The idea of the government to boast the economy is to have people spend money, not save money! Isn’t this concept what got us in this mess in the first place.
“Here take this money and go spend it, we’ll just add it to our national debt”
Remember the 2009 $500 stimulus checks most American’s received? The entire idea behind this check was to boost (stimulate) the economy, in other words…buy something with it, not save it and that is what most people did with it. (not me, I invested it!) Here again the government says SPEND SPEND SPEND….not SAVE SAVE SAVE!
“Oh, I’m sorry, you can’t make your mortgage payments? You didn’t know you bought a house that you could not afford? OK, we will just modify your loan, no problem”
“Yeah, we are going to charge you to use YOUR money at our ATM since plastic is always preferred over the real thing”
I could go on all day with these examples, but you don’t have time to read all of them and I feel my blood pressure boiling as I type. Come on people! Wake up and smell the poo! We have to stand up for ourselves and do what’s right with our own finances. Start the change with our own wallets. Like Dave Ramsey says “Stop Spending Like You Are in Congress!” Save money in an emergency fund and stop buying things you can’t afford!
Steps off soap box…