A paragraph from the Norman (OK) Transcript makes me wonder if I'm living on a different planet:
The government reported this week that consumers boosted their borrowing in March at the fastest level in four months. That's far more than was anticipated and is indicative of a stronger than expected economy. Emphasis mine.
It seems to me that the concept is outdated. It used to be that people would borrow money and buy things in anticipation of higher income or overall better living circumstances so they could pay for it. Is that really so now?
With the lack of financial wisdom so many show, and an ongoing lack of real financial education to change that and an extremely materially oriented culture, I don't think it is.
People borrow money because they don't have any. Because they want something and can't pay for it otherwise. Because they can't wait, can't pay, can't do without and can't afford it... they borrow money.
And that's good for the economy? Somebody call an economist, I think we have an emergency coming on...