Or at the least that first effects of The Recession have finally arrived on privileged corners of Manhattan.
This from the The New York Times, which as you will recall, contains all the news that’s fit to print, and chronicles events in the world from its lofty perspective. The headline: “In weak economy, forgoing $4 lattes for home brews.”
The ”latte effect” of the go-go years had consumers spending $4 a day on coffee. Now the downturn is forcing them to rethink the wisdom of such habits.
As inflation squeezes budgets, middle-class Americans are taking fresh stock of their spending in search of ways to save a nickel or a dime. The result: People are giving up a variety of small financial vices. ..snip
While the idea that little costs add up is nothing new, it comes with added sticker shock as food and gas prices sprint along at a record pace. The result is that people are finally putting the breaks on vices once considered necessary — like frappuccinos. ..snip
The result is fewer latte runs. Literally.
Last month, Starbucks Corp. blamed rising food and gas prices when it reported a 28 percent drop in second-quarter earnings, and said sales at U.S. stores open at least a year had dropped — indicating some may finally be summoning their inner Scrooges.
This cute article is a sign that even the New York Times, which usually lives in an opulent world, recognizes that the economy is crashing and that even greater discomfort is coming. Being The Times, it says it’s no big deal. Ha ha ha. People are just tightening their belts a little bit. It’s not a big deal, really. We’re all doing fine, right?? Well, aren’t we?
