Quote:
Originally Posted by Slava
The quote there that millenials are managing this better is surprising to me. Not because it's millenials, but because some have said that due to their spending habits we avoided recession over the past couple of years. I wish I could remember his exact comments, but one speaker I heard said that all their spending on craft alcohols, lattes and whatever else was easy to make fun of, but also boosted spending by a significant amount.
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The idea that small amounts of discretionary spending on things like coffees and craft beers is new is total garbage. If anything, it's much harder these days to get the necessary traffic to maintain a small bar or restaurant.
What Millenials are doing less of is making major purchases like cars and houses. It's pretty baffling that people spend so much energy jumping down Millenials throats for spending $100/month on a few extra luxury items like coffees, but totally ignore the fact that many are not spending $800/month on a new car (payments, insurance, gas, repairs).
IMO we avoided recession by kicking the can down the road with low interest rates.