Editorial: Right message, wrong messenger

Friday, March 3, 2006 | 7:46 a.m.

On Thursday Vice President Dick Cheney encouraged Americans to do a better job of saving money so they can have a more secure future when they retire.

"The American dream begins with saving money and that should begin on the very first day of work," Cheney told a conference in Washington that was looking at ways to get more Americans to start saving for retirement.

We agree that Americans aren't saving nearly enough. Part of the problem is that we are racking up too much debt, particularly on credit cards. The average American household, according to credit industry estimates, has between $7,500 to $9,000 in credit card debt.

All the interest that accrues each month on these balances makes handsome sums for the banks that issue the credit cards, but it is a debilitating situation for consumers as they slide further and further into debt and are unable to put aside enough money in savings.

Of course, it does seem odd that Cheney or anyone in the Bush administration would be calling for Americans to save more money. They sure haven't set a good example.

The president has rung up record federal government deficits on his watch, a situation brought about largely by enormous tax cuts that haven't been offset by a corresponding reduction in spending. Here's hoping that the American people show more discipline with their spending than Bush and the Republican-controlled Congress have done.