Monday, September 19, 2005

Savings Down...Infomercial Spending Up?

Savings are at an all time low!

Yeah, we reached a new record for the lowest savings rate in history (well at least since 1959). Awesome! Apparently, Americans save on average a big, fat NEGATIVE 0.6%. That means that Americans on average spend consistently 100.6% of their income and save absolutely nothing. My goodness, what is wrong with us? Not that I am one to talk or anything, but there is something seriously wrong with this picture.

I think I know what the problem is though. As I was driving home from filling up my gas tank before gas prices shot back up, I heard an astounding fact on NPR. Did you know that those silly infomercials that they play in the middle of the night generate an astounding $350 billion every year? That works out to $1,000 spent by each man, woman and child in America on worthless crap. I apologize, but I have not been able to find a link to substantiate it but even if it is remotely true, it is very disturbing.

Nothing they sell on TV is worth the money you pay for it. For instance, let's consider the Suck Kut. Seems like a good idea right? It sucks, as it cuts!

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Wrong! Take it from Garth, it definitely does suck!

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Ok, I know that was a shameless throwback to Wayne's World but I just couldn't help it. When I think of infomercials that is the first thing that comes into my head.

Anyways, Americans need to get a reality check. I fear that the combination of personal debt and national governmental debt will be our downfall. This is a particularly scary article:

Experts warn that heavy debt threatens American economy

Wars, nation building and natural disasters coupled with tax cuts are forcing us as a nation to borrow more and more and more and more....

How can we be so rich but be so poor?

I feel more than ever that it is my patriotic responsibility (o.k. don't laugh) to get out of debt. Just one more reason to add to the long list of reasons why my debt sucks so eternally bad.

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Bailey said...

Nice refernce to Wayne's World. Classic movie.

It is scary how much our economy is based on spending into debt.

When the government sends out rebates or tax cuts they hope that we spend that money, not save it. Because spending keeps the economy humming.

Amazing how little personal finace is taught in schools.

Jérôme said...

sounds like an upcoming 1929 krack