"Are consumers tapped out? What a dumb question. Of course. Some of us even know it's time to pay that piper dude.

Debt, like politics, has a cycle. There are times when credit is easy -- and we've just lived through that period. Then, credit tightens and the consequences appear like monthly statements. "Charge it!" shifts to the column that says, "Pay it down!"

I suspect on Tuesday we will once again hear President Bush tell us that the economy is in great shape. He'll report that tax cuts are working -- and tax cuts ought to be made permanent. And since everything is wonderful at the White House, we won't need to debate the questionable parts of the economy, such as the declining percentage of Americans with employer-based health insurance, pensions and other legacy costs.

On top of all that, our legacy, the consumer legacy, is writing a check to MasterCard. We're fresh out of "more.""

Get the Story:
Mark Trahant: Consumers starting to pay the piper (The Seattle Post-Intelligencer 1/29)

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