Want to end this recession?

I recently posted a comment on this Business Week article. See the link to read the article

Zhe Fuego Mar 7, 2009 1:14 PM GMT America has been saving -1% or worse in recent memory. Eventually there comes a time where people stop spending and start paying off debt. The sub-prime mess was the catalyst that woke people up... "Crap, I am in debt and have no savings!" That's why Pres. Bush's last tax stimulus failed... everyone realized their savings were minuscule. When my fellow Americans stop going into credit card slavery and instead spend out of surplus... then the U.S.A. will emerge from this predicament.

To add to that, I need to clarify. Pres. Bush's tax stimulus (not saying it was a good idea) was suppose to get people to spend. But since most Americans saw the coming economic gloom, they mostly saved the tax stimulus or paid off debt. They didn't do what the Pres. wanted them to do which was go out and spend it.

President Obama needs to encourage TRUE fiscal responsibility. Americans need to STOP going into debt. Why is the "richest" country in the world one of the worst savers? We have created this problem and caused the world to suffer because of our mistake. Even though I am frustrated at the Democrats for lowering the mortgage borrowing standards which led to the sub-prime crisis, maybe that was what had to happen to wake this country up and re-arrange their fiscal priorities.

Cut the credit cards Americans or it will get worse... things could get REALLY bad...

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