Baraka_Guru

The idea is that it hasn't done enough—not enough was done. On the other hand, it likely prevented a deeper catastrophe. I won't go so far as to say Keynesian spending hasn't done anything at all.

I read an article today that reported how Americans are seeing a reduction of personal debt. Much of this is via defaults, meaning banks are writing off millions. But this means that future growth is expected. I only hope this is achieved through prudent financial practices. I sincerely hope the average American has sobered up on the idea of using too much credit and spending home equity. If this is the case, the recovery will be modest, which is to be expected anyway.

While this isn't likely universally so, it is generally so I bet. It's becoming more of a middle-class thing to do this too. It's not just the low-income earners trying to get by with too little income. Many households, even those earning six-figure incomes, are racking up debts and over extending themselves. They are reaching to lifestyles that their incomes can't cover.

This is a problem of indulgence and trying to live to some lofty standard of American Life—the good ol' American Way of Life. It's ridiculous. Americans—in general—are going to have to start leading different lifestyles, and this will remake the American economy. There is a shift coming, and whether it's modestly positive or disastrously negative will depend on whether the average American can live modestly. They need to return to the idea of actually saving some of what you earn instead of spending more than you earn. People in every wealth class is guilty of this.

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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön

Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot