The Folly of Spending Unwisely

Once upon a time, the regular practice of thrift was widely considered to be a prime virtue in the United States of America and elsewhere. People who spent money immoderately were regarded as foolish and careless, and people who got themselves into a condition of serious debt were branded as bad citizens. For the past several decades, however, a different pattern has prevailed: people have been encouraged to spend their incomes without caution or forethought, even if it meant using credit cards rather than using actual money.

After years and years of such folly, capitalism finally short-circuited in 2008, and now, ten years later, it appears to be heading toward a total blowout that is certain to have an injurious effect on the stability of the entire world. Once again, in a desperate attempt to "correct" the unsteady situation, citizens in capitalist nations are being prompted into taking on further debt by their shifty leaders, continually exhorted to spend unwisely with no concern for the long-term effects. Saving money is perversely viewed as a hindrance to the goal of recovery.

People in the 21st century have blithely gone from a reckless habit of merely living beyond their means to an even worse habit of living far beyond the bounds of morality and reason. More spending by thoughtless consumers, of course, will lead only to more debt, and more debt will lead, inevitably, to more trouble. It is an unbending equation that, if repeatedly violated, always results in a final penalty for everyone. The unalterable truth certainly will manifest itself in the end. Why is it that capitalists never learn from their own glaring mistakes?