Be careful about holiday spending

Now is the time that every "worthy?" cause, and every retail/discount store is ramping up to squeeze the last possible dollar out of each American before the last note of "Jingle Bells" dies out at midnight of Dec. 24.

Hopefully, the news media is correct in forecasting that Americans will be more realistic about piling up debt this holiday season.

Where are Americans in this holiday season? Let's examine reality.

1. The average adult has $9,000 of credit card debt.

2. The average family household has $25,000 of credit card debt.

3. Home values are dropping and the experts say they will continue to fall for about another 2 years.

4. Taxes (property and sales) are rising.

5. The value of the U.S. dollar is falling.

6. Americans are getting older and not saving for retirement.

7. Bankruptcies are up along with home loan foreclosures.

8. Our government continues an astronomically expensive, wasteful war fraught with corruption and war profiteering by American corporations. It also gives tax breaks to the rich and puts the war tab on the federal credit card.

9. Our jobs are still being sent overseas.

10. Our governmental bodies are relying more and more on gambling casinos to raise revenue. Folks losing their earned wages on gambling and booze rather than paying their rent or mortgage, buying food, clothing, household goods or their taxes is not a solution to governmental funding.

Each person should spend only what they can actually afford and no more. Keep your own economic house in order during the holidays.

If everyone did this, we would become a much stronger nation. We can enjoy the holidays by being with family and friends. By singing, playing games, talking to each other or working on hobbies. We don't need to accumulate more stuff to be happy.

Jim Peterson

Hoffman Estates