My Sweetie and I have been listening to various friends and family talk about what they’re going to do with their “stimulus checks” later this spring. It seems that some of them have already spent it, making their purchase now, in anticipation of getting the check later. Her Mom bought a nice new chair with her’s a month ago. I know, because we spent an evening going to town to get it for her, and getting it set in the living room just right.
Then the other day the two of them were at the mall for their “girls’ day” outing and Mom mentioned something else she might want to get with her tax check. “But Mom, isn’t that what you bought the chair with?” “Well, I needed the chair, but I think I want one of these.” We got a good chuckle out of that, having used just that very rationalization in our own lives… there is more than one gun in the collection with just that excuse behind it. I told my wife that the government isn’t as stupid as they look. It’s their intention that a majority of Americans spend their check twice, once early because they can’t wait, and again on something else when it actually gets there. She gave me that look that says ‘you’re such a cynic’.
So I got a good hoot out of this article.
WASHINTON - U.S. consumers took on more debt of all types in March, the Federal Reserve reported Wednesday. Total seasonally adjusted consumer debt increased by $15.2 billion, or a 7.2% annual rate, in March to $2.56 trillion. This is the fastest pace of credit expansion since November.
I rest my case.
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