Increased savings "aggravates" nation's economic woes

The WSJ earlier this month said that families that are now saving more money are aggravating the recession* because, they argue, the only way out of the recession is to spend ourselves out. Wow, I never thought I'd hear the day when someone said that saving money — which I think is fiscally responsible and prudent — was a threat to our nation.

I'm more in agreement with Peter Schiff who says that "the U.S. economy has become dangerously and unsustainably dependent on consumption" and that to try to consume our way out of the recession just creates another bubble. I advocate the hard path of increasing our saving and paying for our sins, so to speak. The economy will eventually settle into some sort of stasis, and while it will be a lot more difficult, I think long term it's the path to economic health.

*Article will only be available until 1/29/9. WSJ subscribers can search for headline "Hard-Hit Families Finally Start Saving, Aggravating Nation's Economic Woes".