David Brooks writes today in the New York Times that Americans are not “shrinking back” in light of the current dire economic circumstances, but rather, “Quietly but decisively, Americans are trying to restore the moral norms that undergird our economic system.” One of these norms is a restoration of personal fiscal reasonability, “The first norm is that you shouldn’t spend more than you take in. After an explosion of debt over the past few decades, Americans are now reacting strongly against the debt culture. According to the latest Allstate/National Journal Heartland Monitor poll, three-quarters of Americans said they’d be better off if they carried no debt whatsoever. Not long ago, most people saw debt as a useful tool for consumption and enjoyment. Now they see it as a seduction and an obstacle.” If this is the case, policymakers at the federal, state, and local level should follow the lead of the American public and restore the principles of fiscal responsibility to their management of our public finances.
Comeback America Initiative 