Spending Insanity

One definition of insanity is to keep doing the same thing over and over...but expect a different result.

Did you happen to watch the Presidential Press Conference tonight?

I found it very interesting when someone asked him about the fact that the success of the stimulus package is dependent on consumer spending. Chuck Todd said, "Isn't consumer spending, or overspending, how we got into this mess? And if people get money back into their pockets, do you not want them saving it, or paying down debt first, before they start spending money into the economy?"

Of course it took President Obama almost ten minutes to answer the question...and the bottom line is that, no, he most certainly does not want consumers to be wise with their money and save it...or Heaven forbid...pay off debt.  

If the American people suddenly become financially wise and realize that they don't need all the "stuff" that they once thought they did (which, by the way, will not happen), our nation would be in even more serious trouble.  This is because our economy is structured on the fact that we are a spending people.  

We spend when we have the money to spend...and we spend when we don't. The average American owes around $9000 in credit card debt.  This is a noose around our necks just waiting for the right time to tighten.  

If the stimulus package passes and I end up with any extra money in my pocket, you can bet that you won't see me at the mall.  Sorry Mr. President, but you won't be able to count on my spending to rescue the country.

(If you are interested in hearing the President's full answer, you can go here.)