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Americans Need to Learn to Live More Like Europeans

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Americans Need to Learn to Live More Like Europeans

Bloomberg Opinion November 12, 2021
EconomicsFinance

Supply-chain shortages are constraining U.S. consumers' endless appetite for buying whatever they want whenever they want. It's about time.

It's become the conventional wisdom that the U.S. economy is built on Americans' endless appetite to buy lots and lots of stuff. Household consumption makes up about 67% of GDP. When the economy falters, we're told spending is our patriotic duty. But suddenly, Americans can’t spend like they used to. Store shelves are emptying, and it can take months to find a car, refrigerator or sofa. If this continues, we may need to learn to do without — and, horrors, live more like the Europeans. That actually might not be a bad thing, because the U.S. economy could be healthier if it were less reliant on consumption.

Continue reading the entire piece here at Bloomberg Opinion

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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.

Photo by encrier/iStock

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