An article today titled ‘Recession Has Changed Lifestyles‘ says the current recession has forced a majority of Americans to alter their lifestyles, and many are upset about it, but that many are optimistic about their financial prospects over the next year. Of survey respondents:

• 56% said the recession has caused them to make significant changes in the way they are living;

• 25% said they are “angry” or “upset” about having to do so;

• 66% have lost a job or have seen someone close to them get laid off or lose a job; and,

• 71% have had their wages or hours cut or seen it happen to a close friend or relative.

Assuming the survey included enough respondents to make it statistically valid to a reasonably close tolerance (say even +/-5%) I think these percentages are quite remarkable. I say this considering that many economists were not acknowledging the U.S. was even in recession as late as 8 – 10 months ago, and pending release of April numbers the U.S. recession may be worsening. Think of things this way: Many people who have lived in the United States, Canada and the other G7 countries over the past – say 20/50 years – have lived comparatively (compared with most of the rest of the world) pretty idyllic existences. If you live in one of those 7 countries think how often when you ask your friends and acquaintances the question “How are you doing” you have been given the answer ‘not good’, ‘terrible’, ‘poorly’ or ‘sh—ty’. Unless your experience is different than mine the replies, even today, (irrespective of how those who are asked really feel) are ‘great’, ‘good’, ‘never better’, etc. It has been obvious to me as long as I can remember that ‘you can’t take things away from people’ and leave them in a happy state. If the U.S. and developed country economies do not come out of recession in the near term I think the results of surveys such as the one reported will only worsen. If the U.S. recession and recession in other developed countries worsens, I think it inevitable that the populations of those countries will become ever more unhappy – which cannot lead anywhere good.

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