I'm the Cause of Our Economic Problems

I have monthly bills, including credit cards that I pay each month. That’s it. I quit borrowing back in the mid-nineties. This cash thing isn’t a religion; but, it would have to be something really important to make me take out a loan. If I can’t pay for it, I don’t buy it.

I realize not everyone can take the cash pledge, those of you with families being the prime example. I know a lot of people like me. They tend to be of an age with me. They are middle to upper-middle class, in the middle of the baby boomer generation. We pay as we go; and, as the economy has gotten worse, we don’t even buy what we can afford – there’s that uncertain future out there.

I suspect that people that are older than me are even more borrowing averse these days than I am, and that our counterparts a few years younger are adopting our non-spending ways.

I keep hearing that our behavior is what is stalling the recovery. I’m told I have a patriotic duty to encumber my future by spending savings and borrowing money to buy stuff so that people get paid to make the stuff, who will then borrow money to buy more stuff. (Having written that sentence, I think of George Carlin.) Somewhere in the process of the World’s governments’ Ponzi scheme of pump priming, I suppose people and companies will start spending again and banks will lend again to encourage more spending and borrowing, putting off repayment to the next generation or two or three.

But, I’m not going to participate; I’m not going to fulfill my patriotic duty. I apologize to all of you.