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TIME: Frugality is here to stay....Amen & Hallaluya!

Discussion in 'Political Discussion' started by PatriotsReign, Jun 29, 2009.

  1. PatriotsReign

    PatriotsReign Rookie

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    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."

    Check it out....

    The End of Excess: Is This Crisis Good for America? - TIME
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Are any on newstands in Washington DC by any chance ?
  3. alvinnf

    alvinnf Rookie

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    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.
  4. PatriotsReign

    PatriotsReign Rookie

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    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"! :D
  5. PatriotsReign

    PatriotsReign Rookie

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    Obama's cabinet bought them all up!:rolleyes:
  6. CrazyDave

    CrazyDave Rookie

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    I get Time, and read that.
    Good article.
    I'm glad we have been frugal for a while.
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Ummm . . . what ? You're glad "we have been frugal for a while" ??? Lasting fiscal responsibility isn't about 6 or 12 months. It's about 30 years.
  8. efin98

    efin98 Rookie

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    That explains the idea for the toilet paper tax...

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