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TIME: Frugality is here to stay....Amen & Hallaluya!
The April 6th edition of Time magazine had a great article on why the current recession is good for America. Namely, it discusses how the trends of the 90's and early 2000's were unsustainable. There is some great stuff on why bubbles suck and how they over-inflated consumer spending to the point that we were collective idiots...we believed what we wanted to believe even though it went against all logic.
A big point made by the author is don't expect consumer spending to reach previous levels in our lifetime.
"Yes, we must start spending again, and we will. But we've all known people who, having survived the 1930s, never lost their Depression habits of frugality. And so it will be again."
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Re: TIME: Frugality is here to stay....Amen & Hallaluya!
Originally Posted by alvinnf
Why should people be frugal when handouts and bailouts are the course du jour. I'm afraid it's my kids who will have to be frugal. Either that or learn to speak chinese.
Americans are up to their eyeballs in debt, so they're taking any handouts and just paying down their debt. In other words, not much of the bailout/stimulus money is resulting in increased consumer spending and economic growth.
The hangover from our over-spending is going to last years...the party is over and I for one am glad. Not because we're in a recession, but because we will have the opportunity for a "do-over"!