Submission + - US Consumerism Poses Global Recession Threat (abc.net.au)
Horar writes: "From the article: One of the world's leading economists has issued a scathing denunciation of American consumerism, saying overspending could lead to a "catastrophic" recession... He says the United States has a current account deficit of $US811 billion for last year, which means America is borrowing [more than two] billion a day from overseas.
What are the implications of this for the IT industry if there is such a recession? Alternatively, what would happen if rampant consumerism is brought under control? Isn't it that very consumerism that pushes the development of the devices and technologies which most slashdotters could not live without?"
What are the implications of this for the IT industry if there is such a recession? Alternatively, what would happen if rampant consumerism is brought under control? Isn't it that very consumerism that pushes the development of the devices and technologies which most slashdotters could not live without?"
