This is a crisis spawned, in large part, by our own delusion.
We wanted to believe in ever-rising stocks, in a shop-till-the-terrorists-are-defeated foreign policy and homes that were worth whatever our mortgage broker told us.
For eight years, our government borrowed to pay for wars, tax cuts and prescription drugs, while we borrowed to pay for HDTVs, iPhones and Xboxes. Buy now, pay later wasn’t just a sales pitch, it was fiscal policy.
Later is now. To fix our economy we first must change our views of debt and savings.
That will take sacrifice, the one word from the president-elect’s speech that we must hear before all others.
-- Loren Steffy opining
for the Houston Chronicle.