In previous posts, I have written about the non-existent savings rates of Americans in almost two decades. How Americans have spent more than they have earned, often at the urging of their leaders, most famously after 9/11 where George W. Bush said the patriotic thing to do was go out and shop. Recent economic turmoil has resulted in a seismic shift in the mindset of the average American to the point where November statistics show that the savings rate has gone from zero to 2.8%.
My hope is that this is a watershed turning point in the American psyche and that they don't go back to their reckless spending patterns. Diminished asset values, rampant layoffs and a realization that there is no umbrella for the rainy days will do that. My hope is also that we do not see unbridled materialism return and hopefully a return to a simpler lifestyle with greater emphasis on how we can help our fellow human beings in our own communities and all over the world, and that people start giving a damn about the environment and the legacy that we are leaving to future generations.
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