This post relates to the following Keystone Economic Principles:
1. We all make choices.
2. There ain’t no such thing as a free lunch.
3. All choices have consequences.
This video clip from Saturday Night Live features Steve Martin and is a humorous way to make a fundamental economic point - whether personal or national. Credit is a valuable tool and should be used as such. I’m not in favor of a society without credit - I don't think most of us would have homes or an education, quite frankly. But credit shouldn't be used thoughtlessly. Using credit is a choice that should demand our attention, and our recognition that its use has costs and consequences.
I welcome your comments.