Once again the American Media such as NBC and MSNBC are showing "economic growth" in numerous videos of Black Friday shoppers and eager spenders this weekend. Unfortunately to often is the idea that the economy is coming around being reflected as a result of gift shopping and endless buying. But this is not economic growth and wealth is not being created. The American people are simply buying items that are not manufactured or made in the U.S.
Countries like China are happy to continue making products for us to buy but jobs are not being created for Americans in this process. This definitely doesn’t encourage savings either and many Americans have very little to spend to begin with. Most buyers are using credit cards and simply buying things they don’t need. And those who are using real money may only have it because they are no longer paying a house mortgage because we know the financials have not recovered or simply relying on unemployment subsidies to fund useless purchases. Not to mention many Black Friday shoppers are not buying gifts for others but simply for themselves hoping to receive a good deal?
I’m not discouraging buying gifts for the holidays or even spending in general but how many flat screen t.v’s, snuggie’s, and ipods does one household need. Americans need to save money and slow down on credit borrowing. Through savings maybe the U.S. can began to create real wealth and lead to Return of the Entrepreneur Kings.
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