Financial crisis may make for better society

• Source: Global Times
• [08:17 January 27 2010]
• Comments

By Tim Gingrich

During a dizzying holiday airport transfer in the US, a headline in the New York Times on January 2 caught my attention.

"In Recession, Americans Doing More, Buying Less," it said.

The magnitude of such an assertion, whether true or false, pricked my curiosity and stopped me in my tracks.

I tried imagining it. Cash-strapped, out-of-work, debt-laden Americans, still reeling from the past year's recession, opting to pursue a hobby rather than buying a new house, spending a day perusing the museum rather than roaming the shopping mall, or taking a road trip rather than going on a spending spree.

Could this re-positioning of lifestyle be prompted by the economic crisis? Since the subprime mortgage crisis triggered the global downturn, Americans have been maligned in the media as a horde of greedy consumers unable to control their credit cards.

This stereotype sometimes finds validation during the holiday season, when the custom of giving Christmas gifts combined with the supposed force of unchecked American consumerism results in a maddening onslaught of the shopping malls that puts retailers in the black for months.

So the alternative reality suggested by the headline, that Americans were taking the family to the movies rather than taking out a loan, struck me as both out of the ordinary and, I hoped, true. Maybe it even contributed to the success of Avatar.

The article turned out to back up its claims. Several factors examined in the article including sales of movie tickets, attendance at major museums and the findings of a New York Times/CBS News poll reveal that in the wake of the downturn, "Americans are not just getting by with less. They are also doing more."

In my own circle of family and friends, the high rate of unemployment and underemployment was undeniably felt during the holidays, most noticeably by people scaling back on the purchase of big-ticket items. Though if you factor in plane tickets, some of us who had to fly back to the US from China weren't so lucky.