The Wall Street Journal’s Return On Investment is a regular opinion piece where Brett Arends offers financial advice to the WSJ’s readers. In the latest installment of R.O.I., Arends makes a compelling argument for getting rid of your car, or at least downgrading it. Click here to read the story.
The problem is that if everyone takes Arends’ advice, our economy will take a huge hit. Buying new cars not only keeps auto workers and dealers in business, it keeps entire cities alive. When a plant closes down, the workers don’t have money to do any of the thousands of things they do every day. Restaurants close, construction stops, toy stores go out of business. When people stop spending money the entire economy shuts down. It might seem like a safe move to be a turtle and pull your head under your shell, but in reality that kind of behavior will cause a depression.
What’s hardest about this is that Arends’ points are all logical and rational. The artcle had me imagining a scenario where I was taking public transportation and living like a king, no car payment to worry about and tons of extra cash to throw wild parties with. Instead of stressing over gas prices, I’d be doing shots with T.I., as long as there’s a bus stop near his mansion.