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News Media Still Not Understanding the “New Economy” March 9, 2009

Posted by shwaldman in Society.
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I watched CNN’s “Money Summit” which was a roundtable of experts – talking heads – that jabbered on about how people are spending or saving, where jobs are going, basically what is going on with the US Economy. And they went round and round and still never got to the “problem.” I say “problem” when effect, it is really not a problem. It is more of a change – change in how the economy will be for years to come.

People are not spending because they don’t have jobs or are nervous about losing their jobs – Yes. However, the bigger issue, I think, with what is happening is that people are realizing that they borrowed money to buy things they didn’t NEED. A few years back in 2001-2003, we had a president who, in the midst of a milder recession told the country that they only way to get the economy back on track was spend. I feel bad for the people that gave into this.

I am happy to notice that our new president is saying nothing of the sort. I wonder if he and his administration have come to this realization yet. Our economy has changed. People go out to eat for special occassions. People buy clothes when they need new ones. We are no longer buying things because we saw a commerical or it was on sale – and never end up using. For one, we don’t see commericals as much. As hard as advertisers are working to catch our eye, with DVRs we can avoid them and I think we are just through with people being paid to tell us that we need something. We would rather listen to family, friends, and even online forums and message boards.

It will affect us all – buying only the things we need, means less STUFF – less people selling the stuff and making the stuff. I think we have entered a new age. It will be a simplier time. We will not spending money because we have it. We will be taking care of what we have and making the most of our lives with the people important to us – not the things we can buy.

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