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The article has some very good points. But it will be very hard for people (both consumers and congressmen) to change the way they do things in the long haul. Once consumers get more comfortable with the economy, they will probably resume their spending and saving habits. We don't like to deny ourselves things for very long.
On the Federal side, Obama talks about wanting to reign in spending after the crisis is past but so far I have not seen any real movement in that direction. Any proposed cuts so far are the faux kind- calling not increasing expenditures by as much as they were going to increase them as a cut. It is important to note that Obama does not have the power to decide on spending- the Senate has to write all the spending bills- he can suggest and either sign or veto them. They were supposed to be getting rid of running the wars with supplemental spending bills too but another one of those went through this week.
Healthcare is going to be expensive- however they decide to package it- and they need to do something about Social Security and Medicare too. But Congress is worse than the consumers- they only care about the current election cycle- not the long term prosepects for the country. WE need to get federal spending more under control. I would like to see not just a pay as you go budget plan (where any new proposed legislation includes paying for it) but one where if you want to spend new money on something, you have to take it away from something else- not just add on new taxes.
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