What does everyone think? This is an article about how frugality is hurting the economy, not helping it. Complaints are that people are saving more and spending less because they're worried.
I think it's a great thing. We should be more focused on saving rather than spending. And ultimately I think our savings go back into the economy anyway. Just in different forms. I will most likely eventually take a vacation, or save up for a big screen tv. I will keep working hard on saving so I can put more work into my home. I would love to get a fence and a shed. And in the long run, these are value added items that will make my home more valuable.
We as individuals can't win when it comes to what the economists think of us. Back when everyone was spending, they were talking about people racking up credit card debts they couldn't afford and having no savings. Now that we're playing it safe, we're blamed with ruining the economy's recovery.
I personally am glad about the current recession. It's lowering prices on all sorts of things, giving small businesses an opportunity to prosper while people turn away from the big box retailers in favor buying from individuals. And before the recession, name brand soda was like $8 a case. Now I can buy a 12 pack for 1.67 when I catch a good sale. That would have never happened before. And fast food restaurants have lowered their prices (after raising them not too long ago.) Everything is becoming more affordable. And frugality and couponing is allowing people to think twice about what's important to them. For me, being laid off was a blessing. I get to spend time with my baby, and work on building my own businesses. I'm learning that by being frugal, I almost don't need the income I was bringing in from working a normal job. Less gas, less time spent in traffic, less daycare costs, fewer clothing expenses, etc, etc, etc. And that's not even counting the less stress factor.