Wallet Watch

A coalition headed up by the Institute for American Values confronts the debt culture in America, and is working to re-infuse the value of “thrift” in the United States. From the website of “For A New Thrift“:

WE ARE SEEKING COLLEAGUES for a national campaign to confront the linked problems of high rates of personal and societal debt, low savings, and growing inequality. In this campaign, we will propose initiatives for a new thrift culture that can provide competitive alternatives to the current debt culture.

Overindebtedness has become an American way of life. The national debt has ballooned in recent years, the savings rate currently stands below zero, and roughly 2 million more Americans are likely to lose their homes in the coming year. In addition, many families are carrying high balances on a fistful of credit cards, raiding equity in their homes to pay for short-term wants and needs, and putting their faith in the lottery as the only way out of debt.