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Brother, Can You Spare a Trillion?
This just in: consumers are just too tapped out to help the economy along. Forgive us if we don't seem surprised—with many people saying that they'll use their tax rebate to pay down debt, Americans can hardly be expected to bail out the government that created the mess in the first place. We're sustaining a near-zero savings rate and increasing our debt loads (not exactly the kind of lifestyle for consumer spending.) Compounding the problem is the fact that banks are tightening up the purse strings as
well. No one wants to lend money and consumers can't afford to spend money. How, then, will the economy ever
It's left to the corporations to spur the economy along. According to CNN Money people just don't have the cash right now that they did a few years ago. What's needed is a little more debt management by consumers. The fact that they're so strapped for cash seriously impacts their ability to spend and by extension, their confidence. Because, as it stands, even after the economy finds its way out of trouble, consumers will still be too bogged down with debt to spend as they have in the past.
Are you bogged down with debt? What's your plan to get back on your feet? [CNN Money]