Consumers drive the economy

A definition of a consumer economy is an economic system where most growth is driven by consumer spending on goods and services. In this model, individual and household consumption is the primary engine of economic activity.

It is a good practice to remember where we, people with wallets, fit in economics and politics of this time. My hope is the words that follow will spark awareness of our importance.

Consumers provide revenue for manufacturers of automobiles, refrigerators, air conditioners and more. We use credit cards as a tool of convenience in our support of local businesses. We purchase insurance to meet the costs of medical events.

A clear understanding of a credit card company’s relationship with merchants could provide us with means to make good choices in the credit card industry. A medical insurance policy that advertises additional benefits and has no monthly premium may not be reliable to meet the cost of a medical event.

Most consumers do not have generations of family wealth held in a trust fund. However, we will continue to spend our money in support of our family, neighbors and community.

May all consumers have resources to meet our obligations in this consumer economy.

Elaine St. Clair

Decorah