It's in the Cards

I've decided to start a new category to include opinion writing that I wish I had written. Items in the Words in My Mouth category will all be quoted from the original source.

January 24, 2008, Star Tribune, letter to the editor

Economic Stimulus?
Try Credit Card Restraint

By Marilyn Ulrich, St. Paul

So if the country just starts spending again, we will nip this recession in the bud, or so say the feds.

What is different about this economy, from when I was a student in the '60s? The school curriculum included art, music and phy ed; activity buses chauffeured us free of charge. College was affordable. In 1969, Century College, then Lakewood Junior College, was $5 per credit. Health care benefits were available even at part-time jobs.

Credit cards existed, but were a convenience for businessmen. We indulged in an ancient practice called layaway, which employed a concept called delayed gratification. Here's how it worked: You chose an item you wanted, put some money down, and the store held it for you while you made payments. You did not possess the item until it was fully paid for!

Now, every family has its own personal instrument of instant gratification, the credit card, and as a result the economy is floating on a sea of debt. No longer can we afford to invest in our schools and infrastructure. Just how does a tax rebate solve this problem? Why not give a tax break to folks who pay down their credit card debt? That idea is so naïve as to be hilarious, isn't it?

Americans realize the credit card industry controls Congress, not vice versa, and we accept this with cynicism and resignation. But if anything is going to change, it has to start with us realizing that we cannot be placated forever with more possessions. Are we really happier than we were in the '60s? In the long view, we need to reduce our consumption and start saving and investing in America again.

Thanks, Marilyn.