With all the expertise out there attempting to making sense of what is happening in the economic realm we can now view the total diversity of opinions from the ‘experts’. Again this goes to show how difficult the problem is and any attempt to solve it will not be singular in any aspect.
Did we get into this mess by over consumption? If so it will take longer than expected to change individuals daily habits and businesses that are visioned for unlimited growth. One of the best sources of information where I work is the discussions you are able to have with such a variety of people. Most are not overly optimistic about the future. They see an eventual change in the long term but are confused and apprehensive about the immediate future. There are just too many events that have taken place at an individual’s level to go unnoticed. These could be their neighbour loosing their job, cutback on hours for a friend, sales of a home at a level that was not realized or even the recent increase in the price of food. There hasn’t been anything that is concretely positive to change this mindset.
How long will these cycles of confusion last? Who really knows. Spring and good weather always tend to get us moving again and out of our hibernation mode. But if there is one sentiment that appears at every occasion it is caution. People are just more cautious when they make economic decisions. That may be a bold step for some but it is also long overdue. Caution and common sense were not the norms before.