Job security was in decline a long time before this recession. At least 15 years ago one could look at the job market and understand that. Living UNDER one’s means seemed like a requirement since then.A little period of (credit driven)prosperity didn’t fundamentally change anything but probably a lot of people thought it did.
The frequent pronouncement, a decade or so ago, that the U.S. was becoming to a greater and greater extent, a service economy,sent up red flags too.I remember hearing on the radio,can’t remember who the speaker was, but he said with what seemed like great pride, “We are now a service economy” I said WTF? Although I work in that sector,and I don’t want to do otherwise, Those claims didn’t have the sound of sustainability. I am not saying that I am an authority on this. Maybe my layman’s views are completely messed up? It seems like there were plenty of reason to be cautious.Service economy, plus credit boom, seemed like a bad combination.
