I don’t think so. Neither does David, as he writes in Are Savers Dooming the Economy? NO!!!
You: You don’t buy the argument that the savers among us are making the recession worse? You don’t think people should spend more to help the country move on economically?
As I’ve said before, there’s nothing fundamentaly patriotic about spending money you don’t have. It amazes me that some people seem to think that our climb out of a negative national savings rate to a slightly positive one is a bad thing. Presumably, they feel that in order for us to move on to a boom cycle, we’ll need to return to the days of irresponsible spending.
You: Wasn’t that what caused part of this crisis?
Yes, I believe so.
You: Then that argument that spending more again doesn’t make any sense.
Exactly. Glad you agree. For more interesting personal finance articles, check out this week’s Carnival of Personal Finance, where I found David’s article as the first editor’s pick (I obviously agreed.)