"Now that the economic downturn has well set in and there's no booming recovery around the corner, it's a good moment to take stock of the little things that have changed. Ed, a dry cleaner in Brooklyn, says, "I'm seeing a lot more repairs, a lot more patches.""
Why lookee here, December 2008, I posted, "The New Frugality is Here to Stay." That was three years ago, and about a year and a half into the downturn. Why do people keep being surprised that things are not getting any better? There are huge structural deficits in terms of labor and employment, production and consumption, that fueled 25 years of growth (give or take). All if that, ALL OF IT, was illusory, and no one is doing anything to fix the things that caused it to go awry. We will be LUCKY at this point if it only takes 25 years to get back to something like 'normal.'
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