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Thread: Has Americans’ living standard declined due to the financial crisis?

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[quote=SETH,357061]Interesting question with probably a number of answers. Yes, people are worried, as to be expected. And one good thing coming out of this is the awareness that living on credit is dangerous. So people are spending less and trying to save and conserve.

Most people I talk to are very positive about the future, recognizing that we are in a bit of a mess. But the thinking seems to be that Americans are resourceful and hardworking (in general), and that we can get through this. Some economists believe that the USA can emerge from this mess stronger than before. Other people preach doom and gloom, since the news media loves that stuff. But all in all, people seem committed to fixing the mess.

Some worries exist that big government spending (like FDR did for the Depression) will lead to more national debt, and that it would be better for the government to try to cut back additional spending. But this would fuel unemployment and make things worse. Obama seems to want to carry out his expensive campaign promises, and this could work against any real recovery.

All in all, from what I can see, people are concerned and reacting positively. Some of the greed and stupidity that caused the mess will result in more government oversight and control, which many economists see as a bad thing in the long run.

Dragonball had an interesting viewpoint. Even with the current economic problems, Americans in general still have a very high standard of living. My question to Dragonball is: would that be a one hump or two hump camel?[/quote]

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