When will the recession / depression end? Part 24 Wanted -a new economic driver

This week's Newsweek features a cover story with Uncle Sam urging you to stop saving and to start spending...in other words do what got you into trouble in the first place..spend or go into debt for the sake of the economy. It's not likely to happen soon.

In a recently published book, called "The Difference: How Anyone Can Prosper in Even the Toughest Times." by Jean Chatzky, the results of a 2008 Harris Interactive poll/ survey on income was pubished.

• 3% in the USA are indepently wealthy (usually bigger savers, as a rule)
• 27% in the USA are comfortably wealthy (recently earned money and wealth, and tend to save more then spend)
• 54% in the USA live pay check to pay check (driving most retail spending, the classic consumer)
• 15% going deeper into debt

These are 2008 numbers, so that the stats today are likely much worse.

So if ordinary Americans aren't going to spend their way out of this recession / depression. then who will? Business ? No liquidity yet. It may just take another country, if not another coninent to take over the "consumer" moniker from the USA.

Walter Derzko, Smart Economy, Toronto

Author of the soon-to-be-released book: Hard Times Golden Opportunities.. about opportunity recognition in a recession/ depression features 45 opportunity scenarios.