Americans are hunkering down and saving more. For a recession-battered economy, it couldn’t be happening at a worse time.
Economists call it the “paradox of thrift.” What’s good for individuals — spending less, saving more — is bad for the economy when everyone does it.
I just had to laugh when I read this article at FOXnews. Anybody remember this?
(Full text of the press conference can be found here.)
Remember how the lefties lambasted him for that? Remember how they claimed that we should all be sacrificing, not shopping? (Revisit those memories here)
But now, as people are getting laid off right & left in response to Obama’s plans for business, we aren’t spending enough. Too many people are tightening their wallets, and it’s causing even more trouble for our already troubled economy.
So, when Bush told us all that to help our economy stay strong during troubled times, we should get out and shop… he was right. Think the lefties will admit that?