Consumer spending fell for a record sixth straight month in December as recession battered households worried about surging layoffs. As sandwiched boomers, you and your family may be personally effected by job loss.
In years of plenty, our society operated largely on the pleasure principal, embracing the notion of ‘I want what I want when I want it.’ Accustomed to instant gratification and a sense of entitlement, we were emotionally conditioned to have it all. The average American carried nine credit cards with a total $17,000 balance. We have been living large for so long that debt has become an integral part of our culture.
With individuals, families, the government and other countries leveraged now, it looks like the whole world is trying to adjust to a slow recovery. Credit card debt, amounting to 900 billion dollars in our country, makes putting off present pleasures for future gains sound like a very good idea. Getting back to basics may be just what society needs.
If you’re waiting for a rainbow after the huge storms we’ve been weathering, tune in all week as we discuss some ways to make it happen.