America-A Nation in Debt

Why is debt such a massive problem in many countries and particularly in America? Barring calamity, it would seem to be common sense to keep your financial affairs in order. Frugality, delayed gratification, want vs. need seem to have flown out the window only to be replaced with mass media, easy credit, mass consumption, mass entertainment and rampant consumerism.

If the best things in life are free then why are so many people going broke chasing other people’s dreams?

Rather than get too smug at American difficulties, we should remember that many, many other countries in the world have similar(if not as severe) issues to grapple with.

This article by Barbara Dafoe Whitehead on is well worth reading and discusses America: A Nation in Debt.

A Nation In Debt
How we killed thrift, enthroned loan sharks and undermined American prosperity.

The article concludes with options for reform and recommended goals as summarized below:

-credit reform via pro-thrift credit unions

Recommended Goals

Renew thrift as a value
Re-establish a public education campaign
Challenge “consumer spending” as a main solution to economic problems

Create broadly democratic, pro-thrift institutions as alternatives to current crop of anti-thrifts
Create a thrift savings plan available to all Americans
Build new thrift institutions


~ by notrous on April 12, 2009.

One Response to “America-A Nation in Debt”

  1. Great ideas! Thank you for advocating for less debt.

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