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It is that time of the year again. Apple’s iPad 4 will be released Feb. 5. This newest gadget includes a 9.7-inch retina display and 128 GB.

The iPad 4 is basically the same as its predecessor, the only improvements being its storage size and retina display.

But with just those two differences, this new model will cost a whopping $799.

“With twice the storage capacity and an unparalleled selection of over 300,000 native iPad apps, enterprises, educators and artists have even more reasons to use the iPad for all their business and personal needs,” said Philip Schiller, Apple’s senior vice president of worldwide marketing.

Sure, it may be useful, but is this new iPad really all that necessary?

Americans are already standing outside for days to buy it. But the iPad 4 will not be in the Apple spotlight for long. There are rumors about a new iPhone in the making as well. Leaked images of what some say may be the new iPhone 5S and/or 6 have surfaced on the Internet. Although nothing has been confirmed, there is talk that the new model will be available in a variety of colors instead of the standard white and black.

Without question, we always flock to grab the latest gadget every time Apple debuts one, but next time we should ask ourselves, “Do I really need this?”

While it may be easy to say yes, we should consider how much money as a nation we are investing in these gadgets.

According to SquareTrade, an industry leading consumer electronics protection plan provider, a new study was released highlighting that broken or damaged iPhones have cost Americans $5.9 billion since their release in 2007, which is more money than Obama and Romney spent on their campaigns combined in the 2012.

Americans are addicted to Apple products, and studies have shown we invest a lot in these products. And the statistics keep rising each year.

The average American household spent $635 on Apple products in 2012, whereas $444 was spent in 2011 and only $150 when the products first debuted in 2007.

This new iPad is just another gimmick for Apple and an excuse for us to squander our money.

Think about it. The new iPhone 5 was released in September 2012, but there are talks that the new one may debut by the end of the summer. That is just a little less than a year since its predecessor was released.

With so many Apple products on the market that serve the same basic function, all these new and updated versions are getting out of control.

With America’s economy still in the pits, it would not hurt to see more Americans standing in line for days for a job, not a product that they will probably replace in six months.