Post-pandemic, Debt, and De-Leveraging
Earlier we spoke of the new savings behavioral patterns our previous generation adopted as a result of losing homes and farms to foreclosure during the Great Depression almost a century ago. Savings and frugality replaced speculation and debt, and for almost a half century, America made a virtue out of the value of avoiding spending money on frivolous things, saving as much as possible and steering clear of speculative ventures and investments. A conservative economic ideology ruled and reigned up until the 1980s.
Beginning in the 80s, however, the trend began to move away from frugality and a simple life toward conspicuous consumption. But since earnings were insufficient to fund a life of expensive ...
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