The recent commentary, "Forget the 1 percent, what about the 45 percent?" (July 19), told the truth about the struggling 45 percent trapped in economic insecurity, but it ignored the number one problem in America today. And that is people borrowing money, buying things they can't afford and trying to live beyond their means. You can't borrow your way to economic security. Borrowers throw what little they have away on interest for a net loss of as much as 20 percent of their income while savers gain interest on the money they put aside so they can grow their financial security into the future.
But in our economy, everything is stacked against common sense, all the ads are to buy more, buy bigger, spend more, borrow more and get more credit. This only profits the banks and credit card companies. There is nothing but loss in it for the borrowers. The ads hit us from every side and none of them advertise the common sense adage of our fathers and mothers, "if you don't have the money, don't buy it, you cannot afford it. Save for your future and don't spend it all now."
We need to teach basic personal finance so that people can stand up to the barrage of advertisements that they will face for the rest of their lives. Debt is a snare and a delusion. Avoid it at all costs. Cut back your costs and save for your future.
Bob Bruninga, Glen Burnie