Austerity is hip and becomes cool

Austerity is hip and becomes cool

Patrick Deneen alerts us to an encouraging new trend: making austerity cool. It's not really coming about out of an intent to be virtuous, but out of necessity, given the grim economic forecast. In an interesting twist, though, USA Today reports that people are becoming competitively frugal -- turning "keeping up with the Joneses" inside out. That's great! Forecasters suggest that this is not just a temporary thing, but a long-term shift:
Small cuts can also have a big effect on the economy. If cutting back becomes a cultural mind-set, it can be very hard to turn around.
"The new status isn't how much you've got, but your ability to show what you don't spend," says futurist Watts Wacker, who advises businesses on trends.
"This is a seminal moment. It's not a fad that will die out when the economy picks up."
Read more on Patrick's Blog