Why have we as Americans given so much of our financial freedom away?
Spending beyond means over and over.
I’m just as guilty. I just wonder why we don’t seem, as a whole, to have a restraint button.
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#1 written by Stephanie73 July 1st, 2009 at 04:00
I, personally, have learned to live within my means and carry no debt. However, I know that I am the exception to the rule.
The reason that Americans, as a whole, cannot seem to exercise restraint is because we are the victims of billions of dollars spent to convince us that we need more, and we need it now. Then we are offered ways to get it all now and pay for it later. But since so many of us tend to live in the moment, we don’t plan for how we will pay for it later. This is what gets us into trouble.
#2 written by sub0k July 1st, 2009 at 04:00
We are lazy
#3 written by J D July 1st, 2009 at 04:00
Because George Bush is a crappy president
#4 written by snizz35 July 1st, 2009 at 04:00
HiYa handsome Snertie Cat..
Because we’re a society of complacency and instant gratification!
EDIT: isn’t it funny how we can blame Bush for everything LOL
#5 written by Voice of Reason July 1st, 2009 at 04:00
Madison Avenue tells us that we need it and deserve it. (I want it all and I want it now.)
Our economy is based upon mass consumption. Now our wealth is being used to buy cheap foreign made goods while our wealth is being shipped abroad.
The balance of trade is out of whack and we will become another 3rd world sh!thole.
#6 written by STEVEN F July 1st, 2009 at 04:00
JD: The issue of this question predates President George W Bush’s first political campaign. I am NOT referring to Presidential campaigns. I mean his first run for governor of Texas.
I for one have recently committed to becoming debt free. By August, my only debt will be my mortgage.
#7 written by Rosie25 July 1st, 2009 at 04:00
This is a really good question. One that I’ve asked myself many times over and over. I think we can relate why Americans spend beyond their means to how Americans also have large waistlines. We are bombarded with money hungry corporations who provide us with the most unhealthy choices imaginable at prices we feel are too good to pass up. This country breeds overweight people. The same rule applies to our financial habits. We are bombarded with "amazing" credit card opportunities the second we turn 18 and it’s all being glamourized by celebrities doing American Express commercials and whatnot. We want everything NOW, and banks capitalize on that by giving us the credit to buy NOW what we wouldn’t be able to afford otherwise. What we don’t realize is that they want us to overspend. Credit isn’t free and it comes with a much higher price tag than just waiting a few months to buy that damn TV or new pair of shoes….
#8 written by Sicilian July 1st, 2009 at 04:00
I don’t know. Life is only so long, and the best years are the younger ones. Maybe it makes sense to spend now as long as the retirement is taken care of.
Ken Fisher makes the case that we are under-indebted because our cost of borrowing is so much lower than our return on investment, as a nation.
I think you would like his book, it questions a lot of the standard economic wisdom:
#9 written by loanquest July 1st, 2009 at 04:00
Because narcissism in power is its own reward.
#10 written by robert w July 1st, 2009 at 04:00
it is like lead or mercury poisoning.
u can eat lead or mercury a little at a time to no effects and u can do it for years then the manure hits the hurricane.
most americans are four yr old soiled brats.
we cry about 3$ gallon gas and drive 75+.
we lie to ourselves daily.
we eat 4 times what our bodies need daily and wonder why we die from our foods.
we are in denial.