Americans Told To Both Save And Shop More
10.12.09 |
Americans are being asked to do two things to help stoke up the economy. "The Wall Street Journal" reports those two things aren't exactly complimentary in today's economy. Retailers, investors and politicians all want people to both shop and save more. Equally confusing are government moves that encourage both.
The government offers incentives to spend, including an eight-thousand-dollar tax incentive for first-time home buyers and the wildly successful "Cash for Clunkers" program. At the same time the Obama administration is putting together rules designed to encourage more responsibility when it comes to personal finances. So with limited incomes, the question becomes which one -- shop or save?
Many economists realize that for a huge percentage of America's households, neither is going to happen. They're counting on a new wave of hiring as large companies stage for economic recovery. Americans certainly aren't saying "Charge it" with the abandon many used to. Last week, the Federal Reserve reported consumers' outstanding credit fell in August for the seventh straight month.
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