[d-ray657]

The word faith has a significant meaning in economics, with respect to the faith of consumers and investors in the economy.

A more religious meaning of faith has been working lately on my thoughts about consumerism.

Awhile back, there was a push to include the ten commandments in public buildings and park. There were those who said that the Ten Commandments provide fundamental law. Some of the Ten Commandments could not be enforced under our system of laws, for example, "Thou shalt have not other gods before Me." Serious First Amendment problems trying to enforce that one.

The one of the Ten Commandments relevant to this post is "Thou shalt not covet." The problem with trying to enforce that one is that our economy is based on covetous. We are constantly given the message that we should want what other people have. It's cool to have an ipod, so when we see someone with one, we want one. Same with the ipad; flat screen TVs, new cars. Our boys attended a pretty wealthy school district, and there was a lot of pressure to maintain a particular fashion sense, to engage in particular forms of entertainment, to take spring break trips, to have a car, etc. They would visit friends with very nice homes. The norm is high consumption.

I've finally started attending church again. The past two weeks the scriptures, hence the sermons, focused on the gospel view of materialism. Last week was about the parable of the rich man who needed to build more barns because he was accumulating so much grain and other goods. This week is was about worrying about material things. The sermons reminded me of a subject I have spent a lot of thought on. If we actually consumed only according to our needs, our economy would crash.

It's been mentioned here many times about how the example set by Washington - that we can have it all without paying for it - has influenced our consumer spending as well. Consumer debt is at record levels. Because of the disposable nature of our economy, some of us are probably paying toward a debt that was incurred for things we no longer have. As my wife has mentioned several times in our life, it is easy to become prisoners of our lifestyle, particularly when some of our lifestyle is borrowed.

I have also read many places how our kids might be the first generation for a long time to be more likely to have less than their parents. In my mind, that is not a bad thing. If they are freed from the worry of maintaining a particular lifestyle, they might be able to live happier, more contented lives. They would be more mobile, able to change locations or occupations without the financial risk of having too many things to move, too many debts to pay.

Personally, I would encourage my kids to scale back expectations as far as consumption goes. Both will be equipped with a college degree, which will put them ahead of the game in many respects, but I would rather see them live their lives with fewer worries than we have had.

Sorry about the stream of consciousness here, but this has been on my mind quite a bit lately. It seems like the sermons I have heard lately have been what I needed to hear. We do need to simplify our life.

I'll close with a question or three. If more and more people actually scaled down their consumption to needs rather than wants, what would be the effect on our economy?

Would our economy be stronger in the long run with a lower private debt?

Would the financial institutions that have profited immensely from our dysfunctional consumerism see their just deserts if we as a nation were able to reduce our debt?

Could we survive the discomfort that would accompany a different focus on our standard of living?

Thanks for letting me think out loud.

Regards,

D-Ray