Economic stimulus carries wrong signal.

• Position: Your Life - Brief article

"It's strangely ironic that Washington is telling Americans to go out and spend to help save our troubled economy," notes Mark Johannessen, president of the Financial Planning Association, Denver, Colo. "It might help the economy, but it won't help Americans dig out of their own spending debt."

Johannessen was reacting to the economic stimulus package that will give citizens an individual rebate of several hundred dollars.

"The problem with this rebate approach is that it is antisavings and antidebt reductionS' he points out. "If individuals do not spend the money, there's no economic stimulus--but the problem is that the average U.S. household credit card debt is [rising sharply]; the national savings rate is [shrinking drastically]; and bankruptcies are on the increase. So, spending the rebate may not be in the best interest of many consumers. Not setting up a household budget is how many people got into financial...