I'm confused. To be patriotic Americans today, are we supposed to save our money or spend it? Since 9/11, various political leaders, including President Bush, have encouraged us to "go shopping" in order to help the economy. I'd have to interpret that to mean we should spend more money.

On the other hand, I understand that all the former chairmen of the Federal Reserve, and the current one, Ben Bernanke, have said that Americans' savings rate is not only extremely low, but below zero. And the chairmen have all strongly recommended that for this country to do well financially, its citizens must save more.

I know that saving money can do good things for us. It can provide funds for a rainy day, such as when we get sick, lose our job through layoff or company relocation, or have to pay a fire, storm, car, or flood insurance deductible. Saving helps us accumulate investment and retirement funds, have more available for our children's college tuition, afford a down payment on a home of our own, start our own business, buy goods without incurring debt, and much more.

Then, there's spending, like the President suggests: we go out and buy one thing after another. Using up our available cash, we then have to borrow money to pay for what we buy, often at high interest rates.

All that spending on our part is certainly good for for corporate profits, and for creating jobs (if they're not outsourced or given to illegal immigrants). But it keeps us working a lot, just to pay off our debts and interest. It often takes two or more jobs to do that. Moreover, we now have no money with which to purchase a home, pay for the kids' education, or buy a newer car. Such spending can't last forever.

Consumer debt may stimulate the US economy in the short-term, which could help politicians get re-elected. But all our spending might not be so good for us individually and in the long-term. Besides what's been mentioned above, the money we owe will keep us toiling well past retirement age.