Japan To America: Thrift Is A Vice

Every time you darn your socks, a child goes hungry.

Not only did your overspending cause the recession, your underspending – Nielsen’s Feburary Economic Current predicts consumer saving rates will rise from 1.7% in 2008 to 5.1% in 2009 – is going to deepen it. America’s new thrift ain’t a fad, and will destroy it, like Japan, says NYT. Over there, having gone through a decade-long recession, well-off families do horrible things like use bath water to wash the laundry, hold back on flat-panel TV purchases when they know the prices are going down, and there’s an overall disinterest in new cars and luxury goods. What bastards.

When Consumers Cut Back: A Lesson From Japan [NYT]
Nielsen Economic Current Debuts [Nielsen] (Photo: Ryan McFarland)