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Fox: It's "Great" News That People Are "Finally Cutting Back" on Spending

Reported by Melanie - November 17, 2008 -

I don't think Neil Cavuto is ignorant but he sure acted like it today (November 17, 2008) when he hosted Fox Business News talker Dave Ramsey in a segment about how great it is that people are cutting back on their spending.

Citing an October 20 USA Today/Gallup poll that showed 55% of Americans are "trimming" their spending, Cavuto introduced Ramsey with: "Well, new proof folks are cutting back to save up. A poll showing 55% of Americans are trimming their spending, no matter how much they earn. Dave Ramsey says it's about time."

Ramsey is a big proponent of ditching credit cards, avoiding debt, and paying for things with cash so yeah, this would seem to be right up his alley but problem is, people are "trimming their spending" because they're broke!, not because they've suddenly decided, en masse, to "save up," for God's sake. But hey, reality be dammed. The show must go on.

Ramsey chuckled and said people are going to start acting like Cavuto, and "not spend a dime, just put it all in the bank."

Cavuto wondered if we could over do it with "the cocooning thing" (it's not about "cocooning" Neil) and Ramsey said we've got to watch out for ourselves because "the economy you're in charge of is your household." (The chyron read: "It's Great People Are Finally Cutting Back.")

Ever the capitalist pig, Cavuto wondered if "all Americans conserve cash and try not to go crazy" we could have a "deeper recession, right?" (The Neil Cavuto version of please, go shopping!)

Ramsey said if, "people are learning their lesson and they're now going to live within their means going forward, that is good news for the economic outlook for the next ten years." So if the public gets out of credit card debt and "creates some savings, if that slows spending for a month or two, it stabilizes us; causes us to win in the long run." (A "month or two?" Just because we saw it on TV we're supposed to believe it, right?)

Comment: This segment was as if a fantasy. What planet are these two guys living on? Again, people are scared. They're "trimming" their spending not to toss it into the bank. They're trimming their spending because a dollar doesn't buy what it used to and because they did what George told them to do back in 2001 and they went freakin' shopping. Now they're maxed out on their credit cards at the same time their home values are falling, their 401(k)'s have been cut in half and they're losing their jobs. Who has extra money to "save up?" The economy is held up by "the consumer" but we've had it. Gotta change the way things are structured around here.