Our generation is about to get a serious attitude adjustment. Over 10 million people are out of work, and these are just the ones who haven't given up looking. Large chains are going bankrupt, or closing their doors. The big 3 automakers may soon be the not-so-big 2, as GM is hanging on by its fingernails. Prices are dropping, but no one is buying.
We might end up learning the lessons previous generations learned the hard way.
Make do. There is a huge difference between "need" and "want" Put a little aside for a rainy day. If you have to buy it on credit, you can't afford it. Eat what's on your plate. Fix what's broke. Do without.
Will we start saving string? planting vegetable gardens? Canning in the summer? taking car repair lessons? Sewing our own clothes?
We have been a truly spoiled generation. We have always had vacations, and dinners out. We have always had jobs. We had insurance, and endless credit.
I think that maybe, just maybe, we are living in interesting times.