How do you help the economy? Our panel says spend less

Spend wisely. That advice has been handed down for generations, but it's gained new urgency in light of the current economic crisis.

As national leaders deal with federal bailouts and businesses fight to stay afloat, individuals might feel powerless. Yet, spending wisely is just one answer for those asking: What can I do to help the economy?

We put that question to our Daily Herald economic panel. Here are some thoughts:

"Americans are saving more than ever before and that is a good thing. Most of us need to live within our means and quit trying to keep up with our neighbor. Pay down credit cards and buy American-made products when possible."

Ray Wright of Palatine, professor at Roosevelt University in Schaumburg

"As average suburban residents and also business owners in Schaumburg, we have committed to purchasing, as much as possible, from businesses in our area. We believe that supporting our local businesses can help to keep local businesses in business, therefore helping our economy. Another successful tool in stimulating our economy is joining and becoming active in networking organizations available in your area: knowing, understanding and being able to refer other proven businesses is essential in keeping our communities thriving."

Michele Miller, co-owner of Divine Signs in Schaumburg

"In order to help the economy, it will take many people, not just one person. I would encourage a group of people to support small business. Like mom-and-pop shops that are taken over by bigger corporations."

Rey Irizarry of Arlington Heights, Harper College student, Latinos Unidos president

"The country will benefit from all of us staying engaged as consumers. Spending wisely on things that will keep the economy moving in a positive direction. One of these important components is for individuals to continue to stay in the housing industry. This should provide stimulation to household goods, appliances, lumber and labor."

Lynda Reilly of Naperville, president of Lynmar Lending Group Inc.

"There are a number of the things we as responsible citizens can do to help the economy. It is important that we contact our congressmen and senators and share our desires for the spending of our tax dollars toward bailouts and stimulus programs. On a more personal level, we all need to spend responsibly and live within our means."

Susan Vrenios of Hawthorn Woods, mother of five

"Spend money, if you have it; invest in the market, if you can afford to. Henry Ford made a fortune investing 'before it was time.' And support the bailout. Ignore the naysayers."

Scott Siegel of Evanston, president of R.S. Owens & Co. Inc.

"Focus on the things you can control. As a teacher, I have the opportunity each day to provide knowledge and life skills to my students. If I focus on doing a better job each day, my students will benefit and so will their families."

John Schwan of unincorporated Kane County near Elgin, teacher at Maine East High School

"The individual suburban resident impact to the economy is negligible, but in the aggregate, we have a major impact. To spur the economy, first we need to be responsible. Don't spend more than we earn. Don't buy houses we can't afford. Begin to save. Get back to the financial fundamentals. Second, elect responsible public officials who don't think we can tax and spend our way to prosperity, especially with pork barrel projects disguised as stimulus spending."

Tom Hebda of Lombard, president of Tri-Cor International

"I will try to buy things made in America and insure my charitable contributions are directed toward social services."

John R. Herman Sr. of Arlington Heights, retired tax negotiator for BP

"For many years Americans have been on a spending spree. Yes, it helped in the short term, but it is not a real fix for the economy. I think the average person should create a budget and stick to it. Every dollar counts and knowing where your money is going helps to show where you need to cut back on. Getting yourself into more debt will only make the economy worse, not better. Instead of spending money by going out to eat, spend it on paying your bills in full each month. If the average person follows the steps of creating a budget and sticking to it, and paying off all their debts in full, not just paying off minimum monthly payments, one's personal wealth is sure to rise."

Irini Gaglos of Des Plaines, Harper College student, Student Senate member

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