This is a lot like eating greasy, sugar-filled food till you’re a hundred pounds overweight and then devoting another year or more of hard work to lose the extra poundage. The slide into obesity probably took longer but we didn’t have to take contrary actions that required work so we never noticed the time slipping away from us. Same deal here.
Other sectors showing signs of recovery are healthcare, which added 27,000 jobs and warehousing and transportation, which added 56,000 new employees since February.
The sector that is still lagging behind is professional and business services, which makes sense because the more highly skilled people aren’t as needed until there’s more money to spend. As Americans cut back further and further just trying to stay afloat they whittled away till there was nothing left but the basics and they’ve been slow to start spending much since. Frankly, considering what our baseline was for percentage of income devoted to spending that’s probably a good thing.
Here’s where part of the hard work is going to have to happen so we can all get back to work. Things aren’t going to return to where they were in December of 2007 regardless of who we elect because we were out of control and operating on a system of mortgage and financial lies, both on the big level of Wall Street and the personal level of our own household budgets.
Therefore, we’re going to have to accept that our disposable income, the splurge and acquire portion, may always be smaller. We may actually have to learn how to get our happiness fix from the relationships around us because they’re free and within our budget.
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