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And, rhetorically, I ask ... what good does that extra $5 do if that consumer works in retail and no longer has a job?
I'm reminded every Christmas season that our entire economy depends on rampant consumer spending, and that half the retail businesses in the U.S. would go out of business if the Grinch were to really steal the holiday when 80% of sales are made.
So I'm morally in favor of anything that stops people from spending money foolishly and recklessly ... but that also will generally reduce our average standard of living ... if retail suffers great losses, too much job loss will be a result.
It's a conundrum. Fortunately, I'm not in charge of running the world. But I'd have to say the better of two bad choices is for people to stop spending money like water, money that they all too often do not have ... but spend on credit.
Still, I'm doing better than the U.S. government. I owe about $20K to credit cards, but my share of the national debt owed to China, et al. is $480K.
Maybe I should run the world after all.
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