ServingJuryDuty

robot-heart:

muppetpants:

I’ve discussed the misconception of loss of average affluency on here before, but this is a good read.  I think the partisan title isn’t fair, but hey, they’re all pretty partisan.

I think this article ignores a glaring problem with “growth” over the last several years: the reliance on credit, the disappearance of savings. It’s great that people are buying, shopping, filling their house with things, but how many of those people are doing so on credit cards and loans? How many more of those are doing so at the expense of developing a savings which is necessary and useful in times of crisis?

I think I’ve said this before in response to your positions on the American financial situation, but I think the “growth” we’ve experienced over the last several years, particularly in the last 6 or 7, is largely superficial and based more on imaginary money (i.e. credit) than on any concrete assets. It’s the kind of problem that will wreak massive economic havoc when confronted with a credit crunch, job loss, or recession, because people have nothing substantial to fall back on and will lose their consumer lifelines that have kept them afloat for the last several years. Considering that our economy isn’t exactly golden right now, I think this is a legitimate concern.

This is an excellent point. The issue both candidates have skirted, as well as most news reports, as that while this crisis is partly the fault of Republicans who wanted no regulations, partly Democrats who wanted everyone to have a house, partly banks for being evil, etc, etc, where is the personal responsibility?

We may not want to hear it, but we the people are largely responsible, too. We should know when we can’t afford a house, or shouldn’t buy on credit, or don’t have a savings account. These are relatively new problems—30 years ago, people didn’t even have credit cards to rely on—but there are common sense principles we shouldn’t be letting die so that we get more stuff. If we started living more within our means, many people wouldn’t be in such messes today.