posted on January 21, 2014 11:18
Back when General Washington whipped King George the old saying ‘A penny saved is a penny earned’ was a bit of folk wisdom hardly a soul disagreed with – but these days modern economists have determined that kind of old-fashioned virtue is really a vice and that the true path to prosperity is borrowing – which is why the economists were tickled pink when they saw the headline the other week that read: ‘Consumer borrowing rose $18.2 billion in October.'
At last the long moribund ‘consumer-driven economy’ was showing signs of life.
Of course, this new modern idea of virtue is a little odd – after all, it leaves American families $18 billion deeper in the hole. But the masters of economics have no doubt they’re right – even though their turning virtue upside down hasn’t worked out too well over the last few years.