Thrift Is the New Fashion

Daniel Gross, Newsweek, 11/3/2008

... "Our leaders in recent years seem increasingly determined to insist, as a response to such challenges, on the importance of high and continued consumer spending," writes historian Barbara Dafoe Whitehead, in the newly released "For a New Thrift,"a report sponsored by an array of think tanks, left, right and center. Whitehead writes eloquently about the powerful array of anti-thrift institutions that have made it difficult for middle- and lower-income Americans to save: credit-card solicitations, ubiquitous casinos, state lotteries and payday lenders, which "outnumber McDonald's franchises in four out of five of the nation's most populous states" ... But thrift today has a negative connotation – miserly, penny-pinching, no fun. Here, too, we need to go back to the future. "The goal of thrift is not to cut back or scrimp and save, but rather to enjoy the good things in life," says David Blankenhorn, president of the Institute for American Values, and author of "Thrift: A Cyclopedia," a charming compendium of musings and quotes on the many virtues of thrift, going back to Benjamin Franklin's "The Road to Wealth."

Subject: Thrift

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