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Time for the US workforce to 'stop spending, start saving.'

Instead of a new car every 3-5 years, drive the current one into the ground; no new technology/convenience items - make do with what is already there; learn skills to fix things (car and home) - it makes sense when you're earning $12 an hour and the fix-it outfit is charging $75.

I already do all that --- I make more than $12 an hour but I still avoid calling repairmen. The problem if too many stop spending and buying new cars it's going to look like the economy is bad because now they measure how it's doing by consumer spending.

Time for the US workforce to 'stop spending, start saving.'

Ultimately, I think this will be bad advice. Why? Because Americans, in general, aren't saving and the solution to this problem is going to lie in adjusting the value of the dollar. That's going to require either deflation or inflation, and that means the choice is between punishing debtors (deflation) or saver (inflation). Since America has more debtors than savers and operated under democratic principles, I suspect the path chosen will be the path that ultimately hurts the fewest people and that seems to be inflation. The alternative is to allow debtors to default en masse. Neither benefits savers.

Please note that the Japanese economy has been on the ropes for more than a decade now and they are savers. Their economy is seeing deflation and they still have problems.