I know a balance is needed. But it’s always stressed how you need to save. Isn’t saving taking away from someone else though? Isn’t spending in many cases giving a working class person a job? If you eat out, buy clothes, get a massage even go to a casino, people are getting paid to do those jobs. If everyone saved then what?
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That’s why consumer confidence is a huge part of economic health. If everyone feels insecure about the future, they spend less which hurts the service industry. Which hurts the economy even more, making more people financially insecure.
But you shouldn’t burn your house down to keep someone else warm. Saving for personal purchases and retirement is important and you shouldn’t spend more than you can afford because of some economic theory.
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