The discounts and sales at the mall have been terrific. I needed new shirts and bought four at 60 percent off. I also replaced a worn-out pair of shoes and got a second pair at half price.

And have you seen the ads for large-screen TVs and laptops? How about cars? I'm not in the market for them but if I were, I'd be buying now.

This is the brighter side of the recession, the opportunity for people with savings and a secure income to snap up bargains from struggling retailers. It is also a strong argument to rebut those who claim promoting savings will only prolong and worsen the economic downturn.

Borrowing and spending way beyond our means, regardless of whose fault it was, contributed mightily to the mess we are in. When we save first, we are able to spend without worries, which keeps the economy growing.

"If people are economically secure, there is little or no reason to cut spending," said Stephen Brobeck, executive director of the Consumer Federation of America. "If they are not, however, they should try to get their financial house in order. If they do, the economy will benefit over the long haul."

Brobeck's comments are particularly appropriate in light of the results of a survey released by the federation and the American Savings Education Council during America Saves Week Feb. 22-March 1.

The survey of more than 1,000 American adults, conducted by Opinion Research Corporation in early February, found 77 percent are concerned about the impact of the recession on their personal finances, including 53 percent who are "very concerned."

Yet, the worries and concerns seem to exceed the actual economic impact of the recession so far. Continued...