An End to the Consumer Culture?

It's not very fashionable these days to speculate about the role of the average consumer in our current economic troubles. Rather, fingers are primarily being pointed at folks who wear suits for a living. Certainly a degree of that is warranted, but is there any other logical conclusion to decades of rampant over-consumption than economic turmoil similar to what we are dealing with today? Americans have a negative savings rate and all of that buying, borrowing and credit card swiping has (surprise!) led to an inability to make mortgage payments and pay bills. My accounting professor made a keen observation about the erratic behaviour of the stock market by comparing it to an addict going through withdrawal. Will the average American have this same reaction? What will we do when we can't buy plasma TV's on a whim or fill our garages with new cars and expensive toys? Perhaps we'll have withdrawal, but maybe, just maybe, it will lead to The New Age of Frugality. Click on the link to read the insightful Business Week article.

Also, check out another article on consumerism by clicking here.