Frugal Mainers Easily Weather Economic Storm

(NEWSER) - Staring down a recession, Americans are turning tail and running to their nearest shoe repair shop, reports the Christian Science Monitor, in a look at the reversal of the United States' "throwaway" society. Thrift stores and repair shops are doing brisk business while their retail counterparts languish, or even close their doors. Nearly three-quarters of secondhand stores in the US report an uptick in sales compared with last year. More»

Tough times drive many to save big, buy in bulk

(NEWSER) - While the recession has left many cupboards bare, others are sagging as the cash-strapped turn into coupon-wielding obsessives who stock up on months or years worth of groceries on the cheap. While coupon usage peaked in the '90s, it surged 27% last year—mainly due to extreme coupon users, reports the Wall Street Journal . "If you can get 100 packs of toilet paper for free, you're going to," says one devotee. More»

Savings rate jumps over job, portfolio fears

(NEWSER) - Even after the economy rebounds, the US will likely remain a nation of penny pinchers—and that has economists worried, the New York Times reports. Consumer spending accounts for 70% of the country’s GDP, but Americans, fretting over job security and losses in the housing and stock sectors, are squirreling away more of their after-tax income in unprecedented fashion. More»

Maintenance cheaper than payment for newer models, consumers find

(NEWSER) - Thanks to the ongoing recession, drivers accustomed to trading in their vehicles often are warming to the idea of a longer covenant with their cars, the Wall Street Journal reports. While the concept might puzzle the less well-heeled, “the 3-year ownership mentality has crumbled,” one insider said. And that means—gasp!—checking oil and tire pressure and spending more on maintenance. More»

At least new industries arose in the 1930s: Leonhardt

(NEWSER) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs were inventing television, mass marketing refrigerators, and improving railroads. "It would clearly be nice if we could take some comfort from this bit of history," writes Leonhardt. "If anything, though, the lesson of the 1930s may be the opposite one." More»