A round table of pundits recently hammered the American consumer on This Week Sunday for racking up incredible debt in the lead up to our current economic crisis (see this blog post for details):

George Will noted the following:

We’re coming dangerously close to the truth, which is the sainted American people are the problem here. That is, they have 105 billion credit cards, that’s nine per cardholder. Self-reporting, they have about $12,000 credit-card debt per household; household debt is 139% of household income. I mean, they can’t go on like this. The refusal to defer gratification is a fundamental attribute of childishness.

Robert Reich stood up for the consumer noting that:

“Some pepole are living beyond their means, but median wages and median family income are below today adjusted for inflation than what they were eight years ago. Most people are struggling…”

Whatever side you come down on (stagnant wages/ over zealous consumerism) we are in a bind and need to rethink a bit here.

Hey, and did you know that the most likely consumers to rack up severe credit card debt are single mom’s?  Kind of sad…

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