A Message from the Shopper in Chief
By Lee Russ
Wednesday, December 20, 2006 at 11:02 AM
Exercising the full majesty of his office, and bringing to bear his full powers of oratory, the President used his press conference this morning to tell the American people, who remain under the most massive consumer debt ever compiled on the face of the planet (and who live in a country where many knowledgeable people are warning of an overall "debt bomb") this:
The recent report on retail sales shows a strong beginning to the holiday shopping season across the country.
And I encourage you all to go shopping more.
But then there's this quote, about a Consumer Reports survey of debt and holiday shopping:
According to the survey, 23% of Americans will not pay off their holiday debt until March or later, equaling $14.6 billion in interest-accruing debt.
"Credit cards can be hazardous to your holiday spending," said Tod Marks, senior editor, Consumer Reports. "With the average household saddled with $9,000 in credit debt already, anything that significantly adds to that impost could be potentially devastating. Cash forces you to be much more disciplined, purchasing only what you can afford."
The Consumer Reports Holiday Shopping Poll also finds...Among those using credit cards to pay for holiday gifts, 17% or more plan on accumulating $1,000 or more in holiday charges.
Now that you know what your patriotic duty is, turn off your computer, assemble your collection of credit cards and go forth America, go forth and keep the electronic lights on America's registers twinkling, go forth and add as much to your debt as your patriotism requires.
And remember, when you try to ditch that debt in bankruptcy, so you can try to rebuild your life, the law that will prevent you from doing that was pushed and signed by our Shopper in Chief.
Consumer spending as patriotism; yet another new new low brought to you by the 21st century White House from hell.