HA!
January 15th, 2008 | by Paul |In what has become my new favorite example of corporate culture, the domain name http://www.anticonsumerism.com/ has been registered by one of those companies that registers likely domain names in bulk and then sells it off at inflated prices to anyone interested.
HA!
In the mean time, as my planned interview fell through, here is a little more documentation of the current decline in consumer spending.
Now, last posting I talked about some numbers that freaked me out. One of them was that about 70 percent of the U.S. economy is consumer spending. I now have a few new freakout numbers.
To summarize my current freakout, the total amount of consumer debt in the U.S. is nearly $2.5 trillion. That comes to about $8,200 for every man, woman and child.
Now here’s a direct quote from the above link, just because those folks at Money-Zine put it so much better than I ever could:
“And if you’re saying to yourself - that that statistic doesn’t seem quite so bad - just keep this in mind: We’re talking about consumer credit - which does not include debt secured by real estate. So if you’re thinking that number has mortgage values in it, it doesn’t.”
Wow. Just, wow.
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