This article that came out today about Americans raiding their savings accounts shows us the truth behind the lies we have been fed. What happened to the advice to spend more to get the economy moving? Remember the worry that people would save the tax breaks from the last presidency instead of “putting it back into the economy”? Remember the statements from the current presidency that we can spend our way out of trouble? Well, people are following that advice by choice or necessity (or both) and it’s harming the “recovery”.
Don’t listen to the advice to spend like there is no tomorrow. Save your money. Don’t buy anything with interest if you don’t absolutely have to. When you borrow money, interest works against you. When you save it works for you, not to mention what investing can do for you.