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I don’t know if this is important but I just listened to an hour interview last week with an economist, retired from the Federal Reserve, who said if you remove
by mark_l_watson 7y ago
I don’t know if this is important but I just listened to an hour interview last week with an economist, retired from the Federal Reserve, who said if you remove the statistics for cars sold to corporate fleets, rental companies, or any other corporations, car sales to end consumers has been going down for three or four years.
Our economy is driven by consumer spending and from my non-expert point of view consumer spending will never come back to anywhere near old normals.
EDIT: the economist was Danielle DiMartino Booth who wrote the book “Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America”
- mywittyname 7y agoCars are a huge sink on the American economy, and honestly, we should be buying fewer of them.
- mark_l_watson 7y agoI totally agree. I gave my car to my granddaughter 10 months ago, and I never replaced it. This decision is not financially motivated, I just don’t want a car. I borrow my wife’s Car a couple times a week, or just let my friends drive. I live 2+ hours from an airport, and I would rather use a shuttle service so I can read or work instead of driving myself. I also challenge the idea of owning large homes. My wife and I have not had a mortgage for over 25 years but we “just” have a small beautiful house while many friends with less assets have mega-homes. I might be very wrong about this, but think more people will embrace a new style of frugality and re-evaluate what they are willing to sell their time to get.