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80. Whether an individual saves too little or borrows too much depends on the purpose and extent of either activity. While appropriate and prudent in some circumstances, either can be irresponsible in excess. The evidence suggests that, on balance, people today tend to borrow irresponsibly and are on the brink of saving irresponsibly as well. Traditionally, saving is viewed as a virtue, while borrowing is considered a vice. However, just the opposite may be true under certain circumstances. Foregoing saving in favor of immediate spending may at times be well justified. A serious hobbyist, for example, may be justified in foregoing saving to spend money on a hobby that provides great joy and fulfillment―whether or not it also generates income. A relatively expensive automobile is justifiable if the additional expense provides added safety for the owner and his family. And foregoing saving is appropriate, and often necessary, for rainy day medical emergencies or unanticipated periods of unemployment. Borrowing can also be prudent―if the loan is affordable and applied toward a sound long-term investment. Were saving and borrowing limited to these types of scenarios, I would aver that | 
