Here is an article that asks the question, "Is being broke normal?" http://www.bankrate.com/msn/news/Financial_Literacy/debt_management/Dave_Ramsey_on_debt_a1.asp?caret=87e.
The author of this commentary makes some good points about our nation being saturated in debt. By the time students graduate high school they're already in debts and it doesn't get better from there. Our generation is being set up to continue the revolving door of debt. But what will come of a generation of debt?
If we don't stop our continuingly growing debt we will create an unstable economic environment. Overspending will lead to a loss of usable principle.
To stop this cycle we need to start doing a better job of 1) budgetting, 2) establishing our needs, and 3) develop better strategies to get out of debt. If we as a generation can do better at managing money then we should have a better economic market and we "better off" overall.
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3 comments:
This brings up a really good point. It's like what we talked about in Government, about our nation being in debt for all but two years of its existence.
I think that, as Americans, we've gotten almost used to being in debt. It doesn't even really faze us anymore. We've gotten so used to seeing our accounts in the red that it does seem "normal." Even the whole premise of credit cards is that you can buy something without having enough money to pay for it in the first place.
I think that not only will our nation's citizens suffer if they do not quickly learn that being in debt is not "normal," or rather, should not be normal, but also the country as a whole. Look at the current problem sparked by too many people defaulting on loans. Now, there is a housing crisis and no one can get loans, even if their credit rating is decent, because too many people thought that it was ok if they didn't pay back their debts.
Hopefully, if this current recession can teach us anything, it's that debt causes problems for everyone involved and will quickly destroy our nation if we do not act more responsibly.
i choose to be optimistic regarding this issue. hopefully people will learn from the mistakes of the past/present and begin to use money wisely. also, with the increase in economic education in schools, hopefully americans will gain a better understanding of how all that financial stuff works. the new bank program at the middle school in fort provides fun activities for the students while rewarding financial responsibility and learning. programs like these seem like an excellent start to solving problems in the economy.
I'm broke.
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