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Quinn on the Consumers

If only I had a nickel for every hour I've wasted on the internet, reading junk. Now and then an article seems really worthwhile, and it's fun to advertise it. James Quinn might be the last of the Puritans; his attitude about the American debt culture is more moralistic and scolding than mine, if such a thing is possible. 

But what if a person's values or political views are different? The article might still be worth reading since it is an antidote to thinking that 1980-2005 is the "normal" we are destined to return to. 
"In the good old days, before the advent of the credit card in 1969, Americans saved up to buy a house, a car, or an appliance. Consumer expenditures as a percentage of GDP stayed in a range of 61% to 64% from 1960 until 1980. This range was reflective of a balanced economy that provided good paying wages to blue collar workers who produced products that were sold in the US and in foreign countries. What a concept. America ran a trade surplus. The financial industry did not drive the economy, they provided financing for businesses that wanted to grow and produce. Sounds quaint. As the Boomers entered their 30s in the early 1980s the easy credit delusion, promoted by Wall Street and the mainstream marketing machine, convinced the spoiled materialistic Boomers that wealth was measured in cool stuff rather than accumulated savings invested over time. Consumer spending as a percentage of GDP surged from 62% to 70% over the next two decades."
I agree with what Quinn implies: that the Boomer/Yuppie generation is the Worst Generation. It is a generation of overgrown financial-children.

Comments

You are right again as I worry about my yuppie kid going about his adult life.
Old Fat Man, gee I hope your "yuppie kid" is not a reader. Maybe you should have clicked the "anonymous" box.