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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.

 

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dap916
# dap916
Tuesday, January 21, 2014 12:13 PM
In almost all cases, the people in the U.S. that end up going bankrupt are those that have overextended their credit and when financial problems come up, they're sunk. They are the people that never, ever put anything aside for a "rainy day" and every time they got a little extra from working some O.T. or a tax refund, they ran right out and spent it. Saving? Fooooey. That's for idiots.

Our federal government feels the same way. Whenever we get a surplus somewhere, our illustrious politicians start looking for places they can spend it. We don't pay down debt. That's unnecessary because, hey, there's more money coming in next month. And, if we get in too much trouble, we can just raise taxes here and there and call it a "progressive" move.

Citizens going further into debt helps that evil, horrible, racist bunch of old white one percenters.....so, it amazes me that the left brags when more consumer borrowing goes on making it out to be a sign that all things are well in Camelot.

They're so stupid.
Choo
# Choo
Tuesday, January 21, 2014 6:38 PM
Carter, so true. To borrow a phrase from Ron Paul, the current Keynsian economist destroyed the economy and are blaming the Austrian economist and now they just keep borrowing and borrowing like nothing ever had to be paid back. They believe that they can control the economy by taking money from the tax payers and injecting it into the economy, not to pay down the debt, but for more consumer spending. Once that infusion runs out, they are right where they started only further in debt. But what do I know, the elite liberal left have more degree's than I. The real problem with this Keynsian socialist crowd is that they need us producers, and we don't need them.

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