Report: What the next depression will look and feel like
Boston.com has published an interesting story surmising what a depression in the 21st century might be like. While the Great Depression and all its similarities to our current situation was very public, the New Depression (defined as a recession lasting a few years and unemployment upwards of 25%) will be very private, the article suggests, given the proliferation of the Internet to perform many daily duties including shopping, banking, entertainment, and communication. In short, author Drake Bennett expects long lines at the ER since people will drop their health insurance, a television boom since it’s the cheapest form of entertainment (movies and baseball were in the 30s, but not anymore), and barren suburbs due to crashing home values. Oh, and those shiny gadgets (bu-bye iPhones) will be traded in for reliable and durable tech like Nextel phones, and people will stop consuming organic food and other snobbery items because they’re too expensive.
[Thanks, Connor]
3 Comments
Clarification: the article states companies like Whole Foods will likely go out of business, as no one will want to pay a premium for food.
Funny! I think the gadget thing is funny since I’ve known more people buying that kind of stuff now with the economy slowing down than before. Something to make yourself feel good that is definitely cheaper than a house payment.
And Wii is still selling out across the country.
Or people will start eating more organic because they will start growing there own produce! Now that is the direction I would prefer!gardening… Now that is cheap (and rewarding) entertainment!