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Thursday, June 11, 2009

George Will- "Recovery, Meet Sobriety"

George Will brings up an uncomfortable idea; what if average Americans making decisions for themselves mess up the government's grand plans for economic recovery?

Visa, the credit card company, recently reported a behavioral change that went remarkably unremarked: In the fourth quarter of 2008, for the first time ever, the dollar volume of purchases made with its debit cards -- they deduct funds immediately from checking accounts, rather than allowing card users to carry debt -- exceeded the dollar volume of its credit card transactions.

Suppose Americans begin living within their means. Will this marvel complicate the nation's biggest domestic challenge, the task of achieving and sustaining the rapid economic growth necessary for generating revenue to fund pension and medical entitlements for an aging population?

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