I promise to again, stay far afield of the politics of these issues, but I was taken by the insightful commentary my former Federal Reserve Governor, Kevin Walsh, gave when he answered the question: “Who deserves the credit for the improving economy?” in a Wall Street Journal editorial on Monday, April 9.
While I leave the entire commentary to your reading, I took away the following comment: “The strength of our economy is our citizenry. And the strength of our citizens is their character and good judgment.”
Walsh goes on to say that “American households are proving to be more prudent than their government.” I focus on the positive inference towards our citizens as we note that our consuming public has significantly reduced its unsecured debt, balanced its budget and keep its spending within its financial means.
While these continue to be challenging times, the consumer is leading the way with better spending and saving habits. Let’s hope they keep It up!