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Horrendous Spending

October 11, 2012

By Chuck Bentley

Chief Executive Officer

On the eve of the Vice Presidential Debate, highly anticipated for economic repartee between the candidates, Politico is running my opinion piece warning that ordinary Americans are now mimicking Uncle Sam’s horrendous spending patterns – and everyone needs to make a change.

“Bill Gross of PIMCO may have put it best when he said that we’re a nation run by fiscal drunks. That should now be obvious to all. Less obvious, and possibly more troubling, is that this unbridled binge spending is now practiced by the least among us. The poor are getting poorer when measured by their debt.

“A national crisis in spending beyond our means reaches from the White House to the home front. Recently, the Labor Department noted that the bottom fifth of Americans spent more than double their incomes (through things like credit cards, drawing from savings and payday loans). In a healthy budget, debt payments should not be more than 5 percent of monthly spending. But the Economic Policy Institute reports that in 2010, about one-fourth of the poorest fifth of households were spending more than 40 percent of their income servicing debt.”

Please help us get the word out about this vital topic by forwarding this message to family and friends and encouraging them to read the entire editorial at Politico. Thanks for your help!

Chuck Bentley

As always, you’re comments are welcome at our blog site.


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Crown helps people and businesses integrate their values into business practices, debt reduction, and financial decision-making. For more than 35 years, Crown has been offering economic analysis and advice based on timeless truths.

The ministry is an international grassroots organization with offices in the U.S. and overseas. Crown experts work one on one with individuals and business leaders, as well as through workshops and seminars, teaching people how to build on a strong foundation that includes the business principles and practices found in the Bible. It is well known for its cutting edge materials first developed by its founder, the late Larry Burkett.  For more information, go to www.crown.org or call 800-722-1976

Disclaimer: The above information is provided for informational purposes. MrHerrera is a Crown Financial Counselor. No remuneration is provided by them to mrherrera. No copyright infringement is intended.

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