Friday 24 November 2017

Buying frenzy is not the solution

IN spite of RTE's suggestion to the contrary (on Monday evening's news), kick-starting the economy by encouraging conspicuous consumption is not in the best interests of most people.

So we should applaud the news that families and individuals are paying off debts at a record pace, and saving a bit into the bargain. They are entitled to that peace of mind.

Spending your way out of an economic crisis may make sense to governments that are being propped up by the European Central Bank, or whose banks are themselves being propped up by taxpayers, or who have vast resources to weather the storm. Even then, it fuels inflation.

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