The economy, like it was as recent as 18-22 months ago for the majority of us is no more. It is a economic boom that everyone including your grandma had an opportunity to feed of the 'not enough supply for all the demand' principle. Since there was so much income that was expendable, this allowed fruitful spending that gave way to "I know I don't need this but I'll just make more and cover this" attitude.
The downturn of the economy will prove many things for those who endure this time in history. Those who are weak will not survive, will fold and have to consider the downfall for what it is. The strong will become stronger at a sacrifice to those who can manage the lower income revenues. Victims of this recession will most likely be a normal occurrence in the years to come, those who got behind in debt that became overwhelming.
The rollercoaster of sorts can be dramatic between the positive profitable weeks until you meet with your accountant and run the books, find out how much or how little you gained from the quarter or year. Elective spending has been pinched in a way on certain professions that unlike the rest of the operations across the country, it is the speckled egg sort of situation where only so many or few are directly affected by these economic times. People in general will become better equipped in the future about money management, controlling their expenses and realizing for the first time for some that money does not grow on trees, and the true test of conservative spending is found during troubling times.
Indirectly the price of common items we purchase daily has went up significantly. This creates an even stronger burden to those who are on limited budgets and have to make every dollar count when they can. If you know of someone that is struggling or needs help, please do your part to help those in need as you never know if that person might be you someday. Too often people slip into the cracks of poverty and if no network is readily available around them, hardship can ensure and become a daunting task to self support oneself.