Consumer borrowing falls sharply in November

Instead of waiting for Americans to spend more money to help the economy, why don’t corporations do something to help the economy?  Like, oh say, take less of a profit and raise salaries for workers (not CEOs) or create jobs?  I’m sick to death of being thought of as nothing but a consumer to feed the beast.

My husband and I cut back this Christmas.  Not because we couldn’t afford gifts, but because there was nothing we needed, little we wanted and we both agreed it was stupid to just think up things to buy.  He kept asking me what I wanted and I told him I really didn’t have any great desires and I meant it.   We didn’t miss getting a bunch of stuff.  I spent more time baking and getting ready for and having a nice get together for the family.

If the economy depends on me opening my wallet and spending it’s got a very long wait.  I’ll spend my gift cards I got for Christmas, but other than that, I’m just not interested in shopping.  As a matter of fact, I’m going to sell some stuff on Ebay to get it out of my house.

Anybody looking for a good deal on the Beatles Trivial Pursuit game?  ;-)

WASHINGTON – Americans borrowed less for a 10th consecutive month in November with total credit and borrowing on credit cards falling by the largest amounts on records going back nearly seven decades.

The dramatic declines raised new worries about whether consumers will cut back further on spending, making it harder for the economy to mount a sustained rebound.

The Federal Reserve said Friday that total borrowing dropped by $17.5 billion in November, a much bigger decline than the $5 billion decrease economists had expected.

Americans are borrowing less for a number of reasons. They remain fearful about their job prospects and they are also trying to replenish depleted investments. The government reported Friday that employers cut an additional 85,000 jobs in December, bringing total job losses to 7.2 million since the recession began in December 2007.

REST OF ARTICLE

Share on FacebookTweet about this on TwitterShare on StumbleUponDigg thisPin on Pinterest
This entry was posted in Politics. Bookmark the permalink.

6 Responses to Consumer borrowing falls sharply in November

  1. timesr says:

    “I’m sick to death of being thought of as nothing but a consumer to feed the beast.”

    My computer is freaking out – my first post disappeared.

    Denmark, happiest place on earth.

    http://www.youtube.com/watch?v=W7s89ptz0dA

    Sage Reply:

    Thanks, timesr. I just put up a new post with both of the videos from that show.

  2. Wizcon says:

    My new washer arrived. Its an Amana. Made by Whirlpool. My old one, a maytag and owned /made by whirlpool, burnt out it’s motor. It was 4 yrs old. I looked at all the brands and virtually all of them are owned by Whirlpool.Most whirlpool are made in China.
    Except GE and I was warned away from that. I paid close attention to the salesman’s efforts to sell me that GE for several hundred dollors more than I wanted to spend. Seems it had a bunch of features I would have no clue as to the purpose ofr. Minute adjustments on water temp and load size? Why?

    When they installed it they put stainless steel hoses on. Beacause its so cold, we had to wait for it to warm up to test the spin cycle. Thank God for that because one hose blew apart from the coupling spraying water all over. Hoses are made in China too. The Tech said he has never seen or heard of that happening before and chalked it up to the new guy in the factory in China.
    My point is, I would rather pay more for quality products. If absolutely necessary I would buy on credit for it. I am sick of paying out for stuff that barely lasts once it’s past the border.
    Aplliances are held in a virtual monopoly.

    Sage Reply:

    In the case of a major appliance I would buy on credit if need be to get a quality product.

    Wizcon Reply:

    @Sage, The trick is finding the quality. Wonder what the Danes use?

    Sage Reply:

    LOL…good question.

Comments are closed.