Consumer Spending Fell in April

New York Times-nytimes.com

By THE ASSOCIATED PRESS

According to the article, "The government said Monday that consumers cut spending 0.1 percent in April, half the 0.2 percent reduction that economists were expecting" (nytimes.com). It is apparent that consumers today are realizing more and more that it is a must that they reduce their spending in order to provide for themselves and their family in the future. In addition to the nation's spending decreasing, our nation's income has been in creasing. In fact Americans' income is the best it has been in over a year. Not only is America's income growing, but America's savings is as well. "The savings rate, which rose to 5.7 percent, was the highest since February 1995, and the level of savings — $620 billion — was the most on records dating back to January 1959" (nytimes.com). This recession has opened the eyes of our nation. Although this recession is seen as a bad thing, I believe it is almost a blessing in disguise. Consumers are aware they are spending way too much and are cutting back which is increasing their savings accounts. They are being more conservative with their money and buying what their families need rather than footing the bill for their wants. It might seem as if I am saying this because I am just a college student and it has not really affected me; however, that is not the case in the least bit! In fact, my hard working father was laid off from work about a month ago. This of course, has taken a toll on my family and our financial needs. Despite the fact that my father is currently unemployed, my family is doing okay. We as a family are strong believers and have faith in our Lord God. We believe He gives us trials and tribulations so that we can learn from them and we know He closes one door to open another. With this said, I believe our Lord is teaching America a lesson and it is up to us to listen and learn from this lesson so that we do not end up in this pecuniary situation in the future.