DECEMBER CONSUMER SPENDING WAS NOT SO BAD

Why are the experts so discouraged by the December consumer spending report? Spending was down 2.7 per cent compared to December 2007. Let's put it another way. December 2008 spending was 97.3 per cent of December 2007 spending. That's not much of a change. I think we can see that figure as encouraging rather than discouraging. People are still spending liberally although not quite as liberally as in previous years. People are probably making long overdue adjustments in their personal spending. We need to encourage this trend and be encouraged, not discouraged, if it continues. It is ultimately good for us.

We need to learn how to view our economy in new and different ways. We can find many creative and healthy ways to make up for this relatively small decline in consumer spending. We need not depend as much as we do on consumer spending. Indeed we must end this dependency because it is not healthy for our environment nor does it encourage the better values of our humanity. Happiness and meaning do not come from the accumulation of many things as too many Americans believe.