Standard of Living Will Permanently Change As a Result of Financial Meltdown

2/23/2009

posted by N. Sioris

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Check out these two video clips from Yahoo finance. Howard Davidowitz, retail industry consultant and chairman of Davidowitz and Associates speaks bluntly about the state of our standard of living. At the most basic level, he says that Americans had better get used to a permanent change in life style and standard of living.

He says "The end of rampant consumerism is ultimately a good thing. But the unraveling of an economy built on debt-fueled spending will be painful for years to come." He foresees higher savings rates and people trading down in both the goods and services they buy - as well as their aspirations.