Wikipedia defines consumerism as a socio-cultural and economic phenomenon that is typical of industrialized societies. It is characterized by the continuous acquisition of goods and services in ever increasing quantities. In contemporary consumer society, the purchase and consumption of products have evolved beyond the mere satisfaction of basic human needs, transforming into an activity that is not only economic but also cultural, social and even identity-forming. See our blog posted February 19, 2025, “We Are All Consumers.”
This might be okay if we weren’t doing it with borrowed money, at both the National and individual levels. Investors should consider, to what extent, living beyond our means, and building ever-growing deficits, has contributed to the trade imbalance and domestic inflation.
All comments and suggestions are welcome.
Walter J. Kirchberger, CFA
