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The Decline of Thrift in America: Our Cultural Shift from Saving to Spending
Posted on 2010-09-21
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More David M. Tucker, "" This unique history studies the concept of thrift as a driving cultural and economic force in America. From the beginning of our nation's history, with the Puritan and Protestant work ethics, through the 1950s, thrift was considered an important virtue, both with regard to the moral fiber of the country and as a support for its continuing economic well-being. In the past few decades, however, a new ideal of spending and consumption undercut the old morality, until by the end of the Eisenhower era thrift had become an outmoded concept. The direct result of this has been a declining savings rate and enormous budget deficit, Tucker argues, and has placed America on a road of economic decline. Download
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