I don't post financial opinions very often, so everybody enjoy this one.
Let me preface this by saying our business is located in a working class neighborhood. We also have several rental properties, so on a daily basis, we see good, honest people who are basically busting their rears to make a monthly rental payment of $1,500 or $1,600. So our take on the country's financial state is from this perspective.
I burst out laughing today at a comment on the daytime news. The newscaster did a financial piece covering the government's concern that people were not spending money because they lacked confidence.
Confidence??!! Gimme a break! Those tenants of ours that are struggling with a $1,600 a month rent payment... The reason they are not spending money is not a lack of confidence. The reason they are not spending money is a lack of money, for Pete's sake!!
LOL,
Confidence in what? Since I moved to Seattle I spend most of my discretionary income on flying my girls in and out :) Housing payment is my biggest expense.
Chery;,
I wanted to post on one of your blogs because I am so glad you have the photo group of AR. Thank you for starting that!! There are many reasons we should be a part of that group.
But your blog here is just sooo right. Isn't that the truth!! People aren't spending because they don't have it. Nothing more!! Stating the obvious is just too simple, I suppose.
Thanks for writing this. Its true.