Early prospects for a revival of consumer spending do not look encouraging. The Pew Research Center reports a sharp increase in the number of people planning to rein in their spending. And more people say Americans should learn to live with less.
It is hard to overestimate the impact of the decline in consumer spending, which has represented 70 percent of America’s gross domestic product. Undoubtedly, there will be a recovery. But America may no longer be the wonder of the world as the greatest shop-until-you-drop nation.
If the age of consumerism is in fact ending, then an economy based on spending must change. It might even mean living with and enjoying the things we have rather than spending simply to keep money in circulation.
Somebody tell my wife. Please. As I write this she is at the mall getting a new coat for one of the granddaughters, and who knows what else.
THis is an important piece. Danile Schorr did not once mention Nixon, Watergate, or that he was on the Enemies List. It *is* a new world.
I have a terrible habit of buying on impulse. Its just little things….like screws for the project I am going to get to next week and then find, there is a new screwdriver which will make my life complete, a variation of the one I have in the toolbox..but mo’ betta. Works the same way going to the store to get bread.
If Daniel Schorr said that water was wet, I’d google it to make sure.
Not to worry. If the consumers won’t spend the money, the Guvvamint will. And print it. And lend it. And borrow it. And tax it. Heck, who even needs consumers at all? Obama gonna spend my money for me!
When my wife and I were on active duty (we both were Air Force career members), we learned……as do all military members if they’re smart…..to live according to our means. We didn’t do without; we just spent our money wisely by not buying the new car every few years, or going out to dinner (except for the NCO Open Mess) every week.
There’s a lesson to be learned, and it looks like millions of Americans are going to have to start paying attention to the hard economic facts of life.