I know – “the worst recessions since (fill in the blank)” – but I’ve wondered about that as I drive past trendy restaurants and see full parking lots. I wonder about that when I see St. Louis area casinos AGI’s increasing over last year. Anecdotal evidence of course, but still it makes me wonder. Here’s an article that brought that wonderment into focus, pointing out that we spend big ($1.2 TRILLION), and increasingly bigger, bucks on “non-essential” items (booze, jewelry, candy, pleasure boats, etc.). The WSJ makes some interesting suggestions as to what this means.
I dunno, maybe one of the reasons we’re feeling the recessional squeeze is that we haven’t learned, like our parents and grandparents, to do without. Personally IMNSHO I think until we do learn to do without, we’ll continue the wasteful pursuit of mammon that got us into this economic mess in the first place.