Well, if there’s anything good to be said about the American mentality on shopping, spending, and enjoying their hard earned money, it’s that this mentality has turned the US into the biggest capitalist society on earth. Essentially, consumerism has made America the land of opportunity.
That, and it’s enabling sense toward small business and minimally interfering government (some would argue that of course, but believe me, we have it a whole lot better than a lot of other governements!)
One thing that we’ve seen happen since the housing market collapse and the subsequent jobless claims, high unempoyment, and implosion of old fashioned spending, is a thriftiness emerge that was very un-American, but very much needed for at least a few years to help people realize how easy it was to lose it all.
What is really interesting is that there have been a sea of changes in the past year alone, before unemployment really even started to get any better and be on a sustainable path. Americans now are actually carrying credit card balances again. That’s a big change from just a little while ago when people were paying down their debt every month if they could.
Not only that, but more and more people are also spending more of their disposable income instead of saving it. Just two years ago, saving was at a record high.
Saving was at a record high not only at a civilian level, but also at a corporate level, with many companies and individuals saving for the next big recession to come along. It was paranoia at its highest, and little did we know we were just pushing ourselves deeper into a recession by curbing spending.
There are reports and a general sense that people are getting tired of being thrifty and frugal with their money. They have been good for a long time, and they are now ready to spend! What does this mean?
I’m hoping that it means more jobs, and the spurring of local and federal economies, that’s what!