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Tipsheet

Newsweek: We're All Destined To Be Tightwads

Newsweek is claiming that a "new American psyche" will emerge after the current recession. This generation is destined to be more like our depression-era grandparents, using tea bags twice and never buying on credit, rather than our parents, who grew up in a time of plenty.
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...the American consumer will no longer be the single dominant force in the world, even if the U.S. economy continues to recover. Rather, the key emerging markets (read: China, India, Brazil, and others) will continue to emerge and become more powerful; the dollar will continue to weaken; American labor will continue to face more and more competition from abroad; and, thanks to a new era of big government, reregulation, and (possibly) protectionism, money flows will stay tight. Throw in the probable rise in inflation and you've got an inevitably slower-growth future in which Americans will also have to come to grips with average unemployment levels that will likely stay much higher than they've been in decades.

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