Why can’t we stop spending? Banking expert shares his thoughts

Mar 9, 2023, 9:00 PM
Multiple dollar bills are pictured, social security will see a bump...
Finances are an important discussion in any household. But how do we talk finances with our spouse? An expert joins Dave and Dujanovic to discuss the topic. (Pexels)

SALT LAKE CITY — As the Fed continues to raise interest rates, the spending of most people continues to go on and on. Which begs the question ‘Why can’t we stop spending?’

Tedd Rossman, senior industry analyst at Bankrate, joined Dave and Dujanovic on Thursday to discuss the reasons behind the spending habits of society.

Dujanovic asked, “What is going on? What are you seeing from the 30,000-foot up level?”

“I think what you are talking about actually does hit on some important contradictions in the economy,” Rossman said. “Because, you know, we have really good numbers like the lowest unemployment in 54 years. But that’s counterbalanced by high inflation.”

Dave asked, “Can you speak to that a little bit about how wages have gone up? But it just doesn’t seem like it, feels like we’re going backwards still?”

“If your wages are up 4 to 5 percent and inflation is six to seven , you’re still falling behind,” Rossman said. “There can be a vicious cycle to this.”

Rossman explains that as employees we love to get paid more, but as consumers we don’t want to pay more. And if companies are paying their employees more and raw materials are costing more. That’s going to cause everything to go up.

“And it kind of feeds of itself,” he said.

Dujanovic asked, “Why do people keep spending? Do you think that it’s largely because of inflation or are we emotionally spending?”

“It’s some of both,” Rossman said. “I mean, I think a lot of it is inflation, especially essentials and especially lower income households are bearing the brunt of it because they have less income to begin with.”


Dave & Dujanovic can be heard on weekdays from 9 a.m. to noon.

Read more:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Dave & Dujanovic

Democrats and Republicans...
Curt Gresseth

Democrats and Republicans need to silence the extremists in their parties

Both US political parties have been hijacked by extremists. By silencing the extremists, the center-left and center-right can come to under each other and then work toward agreement on political issues like immigration.
20 hours ago
Rep John Curtis promises to investigate stolen COVID relief money...
Mark Jones

Report: Rep. Curtis named one of most effective members of Congress

A new report out by the University of Virginia and Vanderbilt University has Utah Rep. John Curtis listed as one of the most effective members of Congress.
5 days ago
Curt Gresseth

Mother tells of her escape from addiction and being homeless

A homeless mother describes her spiral into addiction and how she climbed out and is helping other homeless people today.
5 days ago
An unknown person has requested the Bible be pulled from school libraries in Davis County. Dave and...
Curt Gresseth

Should the Bible be banned from school libraries?

An unknown person has requested the Bible be pulled from school libraries in Davis County. Dave and Dujanovic with a school district spokesman and a state senator.
6 days ago
Zions Bank branch at 7015 South Highland Dr. Cottonwood Heights on Tuesday, March 14, 2023. Zions B...
Curt Gresseth

Are joint bank accounts good or bad for couples?

Are joint bank accounts good or bad for a marriage. Dave and Debbie share their experiences.
7 days ago
Former President Donald J. Trump watches the NCAA Wrestling Championships, Saturday, March 18, 2023...
Mark Jones

D2 gets to the bottom of the impending arrest of former President Trump

Dave and Dujanovic talk to a reporter from NewsNation about the looming arrest of former President Trump.
8 days ago

Sponsored Articles

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...
BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.
Skier being towed by a rider on a horse. Skijoring....
Bear Lake Convention and Visitors Bureau

Looking for a new winter activity? Try skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.
Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five common causes of Cervical Cancer – and what you can do to lower your risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get ready for fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.
happy friends with sparklers at christmas dinner...

15 easy Christmas dinner ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy.
Spicy Homemade Loaded Taters Tots...

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Why can’t we stop spending? Banking expert shares his thoughts