This statement is from a recent USA Today article that examines the spending habits of seniors. The story presents National Center for Policy Analysis findings that the number of 65- to 74-year-olds holding home equity loan or mortgage payments has gone up from 21 to 37 percent in the last twenty-five years. The proportion of personal money seniors are spending on these payments is also slightly higher, and average credit card balances for seniors have gone up several thousand dollars.
The story passes on expert recommendations that seniors review their finances and see how much they spend or overspend on various items. It suggests taking steps toward debt reduction and creating a backup plan to pay bills if things go wrong.
But if these are important steps for private citizens, what about the government? Is it any less important for Washington and state governments to try to control their spending? Do they have a backup plan for paying bills or reducing debt?
How critical is this, especially as our nation ages and we face a future blow to the American workforce and the economic production capacity of the country?
“Remember that your spending and spending behavior are among the few things you can really control.”
Is this something government can remember?
>>Source: Powell, Robert. “Seniors overspend on mortgage, credit cards.” USA Today. 8 Feb. 2014.