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 ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access