Saving us from our debt

The economic slowdown has exposed the extremes that have defined Americans for years: too much debt, chronic spending and little savings.

The U.S. economy depends a great deal on consumer spending. Repeat after me: Consumption accounts for 70 percent of the $14.08 trillion U.S. economy.

To buy what we want, Americans have taken on massive amounts of debt. We have done so even as our savings have evaporated. No, check that: Even as we have blown it all.

Conventional wisdom says that when money gets tight in the household budget, you tighten your belt. But many of us haven't done that. We've taken on more debt. We've charged things on credit cards. We've refinanced the mortgage - two, three, four times. All in the name of delaying that payback.

So along comes the president and Congress with an economic stimulus check for you. What the politicians, economists and Wall Street want you to do is to run to Best Buy (better yet, drive your Hummer there) and buy that plasma TV. Or hit the mall to buy those spring fashions at Macy's.

By doing that, you'll be priming the U.S. economy, helping it pull up from the slide that's been occurring.

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