I read today's news story about how people actually reduced their overall debt for the first time since 1951, as a society.
Which in my opinion, is one step closer to the right track.
But, of course, talking heads made it sound all gloom and doom and awful that people weren't taking on more debt or shopping.
My favorite quote:
"Everyone over the past three months decided to become thrifty at the same time, but our incomes depend on other people spending," said Englund. "If we all start saving and cut back on our spending at the same time, it means more people will ultimately get fired."
thrifty getting the shaft again
December 11th, 2008 at 09:24 pm
December 11th, 2008 at 09:36 pm 1229031407
Over time, we'd adjust to the changes, but in the process, many jobs would be lost, many stores would sit vacant, many restaurants would go out of business. I think that would be a good thing in the long run though it would be a rough ride.
December 11th, 2008 at 09:42 pm 1229031754
December 11th, 2008 at 10:37 pm 1229035040
December 11th, 2008 at 11:16 pm 1229037374
I've mentioned in our past that our consumer-driven economy is a bit like a drug addict. It's tough withdrawing from it, but I think we'll be better off in the long run.