Credit card debt will soon be all of society's problem

We finally have an answer to that chicken-and-egg question about credit card debt.

You know the one. It was all the rage three years ago when Congress was debating bankruptcy reform. It is: Have Americans gone hog-wild with credit cards because credit-card companies have been too aggressive and free-wheeling in wooing consumers, or do Americans have nobody to blame but themselves for their own behavior?

I always leaned toward personal responsibility in that debate, although credit-card companies, who once sent my daughter tempting offers when she was 11, never seemed to be wearing white hats, either.

But it turns out the answer is "That's a stupid question." Society as a whole is responsible. At least, we're soon going to be.

Now that the Christmas season is officially here, and many Americans have holstered their credit cards and begun contemplating what sort of meaningful gifts they might be able to sew, macrame or duct tape together for their loved ones, you sort of knew it had to come to this. By some estimates Americans shoulder about $900 billion in credit card debt. But two-thirds of the economy is tied to consumer spending. The day after Thanksgiving traditionally is called Black Friday because that is the day in which retailers begin to see healthy profits, putting them in the black for the year. But this year, everyone seems to be bracing for a red Christmas. So the government is doing its darnedest to get people to spend again.

The last time the nation entered this type of a spending downturn was in 2001, right after the attacks of 9/11. That was when President George W. Bush urged Americans to carry on as if nothing had happened. Go to Disney World, he said. Enjoy life. Spend.

It's significant to note that no one in authority is saying that today. But that still seems to be the official national policy.

Last week, the administration began talking about an additional $800 billion in new programs designed to jump start the economy. Significantly, a portion of this would go toward helping credit card companies. As The Associated Press reported, "Since September, when credit markets first froze, financial institutions have been hesitant to hand over money for fear they won't be repaid. That, in turn, has made it harder for businesses and consumers to borrow."

In other words, the president may not be telling Americans to go out and spend as usual, but all the government's efforts seem to be focused on getting people back to that point, no matter how unwise it might be.