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I do not have any evidence to support this theory, other than my own personal experience. Did the recession cause an economic blowback, suffice to say, did it cause US Americans to spend more frugally and invest less? Will this trend continue when people return to the workforce?
In my own experience, I have found ways to cut a lot of bills and costs out of my daily living routine, in this case it helps me, but it does not help the economy. Furthermore, new technology is paving the way for less, such as cellular phones including: alarm clocks, cameras, sticky notes, grocery notes, business apps, other apps, etc.
It seems that the recession has stymied consumerism, and I'm not sure the US can/will ever return to the level of consumerism it was once at before the housing collapse?
I do not have any evidence to support this theory, other than my own personal experience. Did the recession cause an economic blowback, suffice to say, did it cause US Americans to spend more frugally and invest less? Will this trend continue when people return to the workforce?
In my own experience, I have found ways to cut a lot of bills and costs out of my daily living routine, in this case it helps me, but it does not help the economy. Furthermore, new technology is paving the way for less, such as cellular phones including: alarm clocks, cameras, sticky notes, grocery notes, business apps, other apps, etc.
It seems that the recession has stymied consumerism, and I'm not sure the US can/will ever return to the level of consumerism it was once at before the housing collapse?
Insight?
In the future, it'll be less about what "Americans" do, but more about what kind of Americans do what. Consumerism in certain segments of the American society has not declined. Some have become a bit more consumerist. In other segments, people are becoming more frugal.
Another aspect of this is the changes of lifestyles. American lifestyles have diversified. Many affluent people do not buy into the stereotypical middle class lifestyle. They may spend less on consumer goods, but more on recreation and travel. They may buy an expensive place in urban centers and walk to restaurants.
It'll be difficult to assess this society as a whole.
I think one of the reasons the recovery from the Great Recession of 2008 has been so slow is that a lot of people got burned badly and they are now cautious about spending and credit card debt. Although the employment situation is a lot better, there is a lot more to it than the number of people who are unemployed. Many who have jobs have low paying jobs, and that inhibits spending too.
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It has had the opposite effect for us. After 2+ years with nearly no income, and exhausting savings, my new job and 2 promotions since 2009 have enabled us to rebuild savings but at the same time catch up on deferred expenditures that we couldn't afford. We have replaced almost every appliance, bought a new car, remodeled a bathroom, and taken a couple of nice vacations after none since 2004.
You only have to look at the numbers. Household savings went up due to people's uncertainty about their job future. Investment was actually pretty flat before the finance crisis. There was already lots of money on the sidelines. More money piled up as a result of the finance crisis: investors expected low returns due to lack of demand for the goods and services that would be produced by firms.
These are normal economic "adjustments", not blow back.
I do not have any evidence to support this theory, other than my own personal experience. Did the recession cause an economic blowback, suffice to say, did it cause US Americans to spend more frugally and invest less? Will this trend continue when people return to the workforce?
In my own experience, I have found ways to cut a lot of bills and costs out of my daily living routine, in this case it helps me, but it does not help the economy. Furthermore, new technology is paving the way for less, such as cellular phones including: alarm clocks, cameras, sticky notes, grocery notes, business apps, other apps, etc.
It seems that the recession has stymied consumerism, and I'm not sure the US can/will ever return to the level of consumerism it was once at before the housing collapse?
Insight?
The personal savings rate is STILL very low by historical standards:
I do not have any evidence to support this theory, other than my own personal experience. Did the recession cause an economic blowback, suffice to say, did it cause US Americans to spend more frugally and invest less? Will this trend continue when people return to the workforce?
In my own experience, I have found ways to cut a lot of bills and costs out of my daily living routine, in this case it helps me, but it does not help the economy. Furthermore, new technology is paving the way for less, such as cellular phones including: alarm clocks, cameras, sticky notes, grocery notes, business apps, other apps, etc.
It seems that the recession has stymied consumerism, and I'm not sure the US can/will ever return to the level of consumerism it was once at before the housing collapse?
Insight?
I think it simply made SOME people more aware about finances and what some consequences of overextending and borrowing can be. Some will never learn. They're just waiting for the price to get back up so they can jump back on that HELOC train.
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