David Michael Bruno

Excellent Economic News Reporting

I've come down hard on the news at times for reporting nonsense regarding the economy. Too often the "news" sounds like the White House media kit (except, you know, Fox News, which sounds more sinister still).

But I would like to highlight some superb economic news reporting. If you have not already ready the blog or listened to the podcast, I highly recommend NPR's Planet Money with contributions from Adam Davidson, David Kestenbaum, Chana Joffe-Walt, Laura Conaway, Caitlin Kenney, and Alex Blumberg. Well worth your time!

Will We Need Consumers To Recover, and more?

The New York Times' Room for Debate commentary included economists, a sociologist, and couple of historians discussing the necessity of consumerism for the United States and the global economy. I highly recommend you read "Saving the World, Without U.S. Consumers."

Some highlights:

From historian Lawrence Glickman, "Although it might be measured in the same way economically, a dollar spent on mass transit or public education serves the commonwealth more effectively — and in a more long-range fashion — than does a dollar spent on gas-guzzling automobiles." (Hmm. Really? It sounds good on the surface, but I suppose it depends on what happens in the automobile, bus, and classroom.)

From sociologist Juliet Schor, "Expecting the U.S. consumer to be the locomotive for global or even domestic economic growth is foolhardy for two reasons. First, as is now well understood, much of the robust consumer growth of the past two decades was underpinned, not by income growth, but by the expansion of debt and unsustainable growth in family labor hours." (You'll have to read the rest of her short piece to learn the second reason. I think Juliet Schor makes a whole lot of sense.)

From economist Bernard Baumohl, "Indeed, the amount Americans consumers spend in one year is greater than the entire G.D.P. of China, India, Canada and Russia — combined!" And also, "The problem isn’t that we have a hunger for laptops, flat-screen TVs, cars and appliances. It’s how we paid for them. Only 65 percent of our shopping bill was paid for out of wages and salaries." (I am going to have to get to know Bernard Baumohl.)

Bottom line? The alleged wealth created for most Americans does not exist. It's funny money. A leased BMW is worth $60,000 on the showroom floor, but it's worth negative-fifty-thousand-something-dollars on the suburban driveway.

There are few signs that policy makers or business interests are changing their ways. And there is very little evidence that those people (the policy makers and business people) feel the pain of the economic mess that's been created. Perhaps more commentary soon...

Consumerism and Precision

We’ve all come across the the woman who shares the details of “her perfect decor” or the man who explains “his own style.” The very fact that there are hundreds of brands ready to supply these extremists precisely what they need to fulfill their wishes ought to underscore the reality that their consumer longings exist, not at some pinnacle of cultural refinement or trough of counter-cultural uniqueness, but rather comfortably along side the many thousands of other like-minded folks necessary for manufacturers to establish a market. Industrial economies of scale have emaciated individualism, even while twentieth-century brand marketing flatters our egos.

This circumstance has left us with two prevailing options for pursuing the dream life. We can believe, against all economic evidence and emotional common sense, that the dream life is a self-engendered goal, and then beat a path to the mall to make the purchases we feel will get us there. Or else we can chill out.

Confining Consumption 100 Thing Challenge quipdate

First, yes, I was happy that all on my own I coined a new word, "Quipdate." Until I googled it and found that someone smarter and with more foresight than me has already conjoined "quick" and "update." Alas.

One thing that bothers me is when other people or other systems confine me. It's a little selfish. But it bugs.

And it's a gripe I have with consumerism. It becomes confining. You find yourself running around doing things and making life choices in the service of consumerism. Your life becomes less your own.

Anyway, this is on my mind because I'm feeling just a touch out of control. Not really by consumerism, at present. But other circumstances are stealing my time and priorities. Which reminds me that, unless we are proactive (even forceful) then someone else or something else is going to make off with our lives.

Gotta go...

Surf Update - First "real" wave

Not a long post here. Just a quick surf update to say that today after work I paddled out and caught my first wave that I can actually say I surfed. No falling over after a few seconds. No riding mush straight to the beach.

Nothing fancy. It was a right that was bit more than waist high. Even so, I caught it, turned down the line, and rode the the thing. I even managed a slow-motion cutback that would have impressed a sea slug.

True to form, I didn't leave the water uninjured. I was surfing a little south of my normal spot and didn't know the reef there. Managed to cut my foot a bit, though not too bad.