Turning Virtue on Its Head

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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Carter Wrenn

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Turning Virtue on Its Head

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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Carter Wrenn

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