"Americans Spending Less, Saving More" – This is bad?

by J. Money -

Economy vs. ConsumerHOT DOGS, right?! Wrong :( According to the way it’s all phrased in the media at least.

I know it’s not the greatest for the Economy, but I must say I’m freakin’ elated!!! According to MSNBC.com, Americans “boosted their savings rate to 3.6 percent of their after-tax incomes in December”. GOOD for you Mr. & Mrs. Consumer! It also goes on to say,

“Consumer spending fell for a record sixth straight month in December as recession-battered households, worried about surging layoffs, boosted their savings rates to the highest level since May.”

Can we say, “HELL to the YEAH bitches!” I can’t help it, that just really puts a big fat smile on my face :) I’m totally for the Economy getting back on its feet again (as evidence of my 401(k) crying all the time), but I mean people are SAVING again! That is freakin’ awesome I don’t care what they say. Sure saving = not spending, but when are we going to get it in our minds that saving is important?!

I guess a better question to ask here is, “Can America continue to prosper if Americans start getting smarter with their money?” Well, I have an answer for you, and you may not like it. And that answer is…..I have absolutely no idea ;) hahah…it may come as no surprise to you, but contrary to popular believe I, J. Money, am no Economist.

What I am, however, is someone who likes to play “what ifs” and give my opinion without any evidence or factual backup whatsoever. And my opinion is that it would take us a loooooooooot longer go get this engine back pumping again, but once we DO, it’ll be smooth sailing for the ends of time. Imagine this perfect world of less consumer debt & stress caused by all our money problems! I would even venture so far as to say crime would go down too since the “need” for fast cash would disappear as well. Actually no, I think I’m stretching it here ;)

The point of all this is just that saving money is a GREAT thing. If we could learn how to operate this economy with this in mind, it would be a far less stressful period in our lives right now. And we may have even avoided this crisis alltogether! Now, let the commenting commence….don’t hurt me too bad.

Jay loves talking about money, experimenting, blasting hip-hop, and hanging out with his two beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!

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