Economic doublespeak

Dear editor: We are told to eliminate our “household debt,” but we are also urged to spend. The economic performance of Canada is measured by economic growth which is called the Gross Domestic Product.

The GDP is the value of all goods and services produced during a designated period. Economists claim that economic growth is an imperative (idea is freely repeated by politicians).

We must have constant economic growth to survive.

The masses, us, the 90 or 99 per cent, drive the GDP by spending. If materialism is the engine, the very foundation of capitalism, then consumerism is the gasoline that powers the engine. We are exhorted to spend, even our grudgingly paid minimum wages, purchasing stuff and things — goods and services. We are blitzed by advertising to buy more.

We are led to believe that if we spend, we can live just like the rich amid peace and plenty. Each year we have a Black Friday. We have Boxing Day sales. Like fools, we line up hours before store opening times to get better deals. We usually don’t pay cash like the wealthy. Heavens, no. We charge virtually everything with credit cards, much to the delight of banks — Visa, MasterCard and American Express, etc.

To banks and credit card corporations, household debt is a great source of revenue, so they won’t be campaigning for us to eliminate household debt. Is this not economic and political doublespeak?

We are urged to spend and then we are admonished for having done so. The wealthy get tax breaks, corporations get lower taxes, and what do we get? We get greater income inequality and a scolding for spending. Politicians claim that household debt is an economic curse on society and yet, without our household debt is growing the economy even possible?

The wealthy don’t “grow the economy” with their tax savings; corporations don’t create jobs from lower taxes; they pay higher bonuses and dividends. Trickledown economics is a myth and yet we go for it like hungry trout.

When next you hear how terrible Canadian household debt has become, think about the doublespeak. So, what are we to do? By reducing our discretionary spending (usually the wants and must haves), we are helping ourselves with our personal finances. Lowering our household debt slows the flow of greed money into the deep pockets of those who deceive us.

A. Howard Caldwell Kelowna