Michael Kinsley has a good piece in today's Washington Post: just as events have forced Americans to finally start thinking about saving our money instead of spending it, the economy would (probably?) recover quicker if we all went on another spending binge:
"But what are we supposed to do? Hoard our pennies, or spend them? For decades we've been told -- correctly -- that we're a profligate people with a profligate government, all living beyond our means. Some day, they said … we would pay for all this profligacy. Now the black day has arrived, and we're told that the best way out of this mess is for the government to shovel money out the door even faster than before, with preference given to projects that can spend it as quickly as possible.
There has been less emphasis on what we, as individuals, should do. President Obama ducked the question at his news conference last week. But logic suggests that we should be gluing those credit cards back together. The government is actually going to pay us to buy a new house or car. Borrow and spend, borrow and spend is what got us into this mess. Apparently, borrow and spend will get us out of it."
I think Obama needs to show some leadership on this question -- give a speech where he talks about personal financial management, with some practical suggestions for people.
I know this is one of those issues where the leaders would rather stay quiet (since they'll get in trouble with someone, or some group, no matter what they say), but if he is going to be a truly transformational leader then he should get out-front on this issue and state a position.
