I hesitate to step into an area I do not fully understand, but FORTUNE probably has a pretty good grip on the economy, and a recent article talks about an uptick in the phrase “new normal.”
According to the article, there are five new economic normals that will be with us for a while:
1. Long-term unemployment
2. Renting over owning
3. Saving over spending
4. Staycations over vacations
5. Higher taxes for “the rich”
Polls are showing the ecoomy is the number one concern of Americans. Personal pocketbooks will be foremost on voters’ minds come November.
Several weeks ago I ran across a phrase I haven’t been able to shake. Gallup reported a 33 percent hike in one month in personal spending, and the headline stated that upper-income Americans were suffering from “frugality fatigue” and had gone on a spending spree.
Frugality fatigue. Well, God love ‘em.
For those who live in the real world, I do not hesitate to recommend the following article, which even I understand:
“Five 'new normals' that really will stick,” FORTUNE, Nin-Hai Tseng, August 20, 2010