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Increasingly some economists have asked the question – “How much is enough?” At what point does the accumulation of materials goods become less fulfilling? More stressful? Even overwhelming?
In 1999, Joe Dominquez and Vicki Robbins wrote a book entitled “Your Money or Your Life,” looking at the same issue. They suggested that unlimited accumulation of material goods eventually leads to dissatisfaction and a lack of fulfillment. At a certain point, there is a turning of the tide, where additional money spent will not lead to increased fulfillment. This is what they defined as having “enough” and is demonstrated in “The Fulfillment Curve” taken from their book. Part of the escalation downward in fulfillment is the impact of unpaid bills and increasing interest on credit card debt. For most individuals in our society, significant debt is required to “have it all.”
Juliet Schor, author of The Overworked American and The Overspent American, claims that the drive to spend has indeed created unprecedented levels of stress in people’s lives, without any sense of increased fulfillment - especially when the spending has led to a burden of debt.
Spending Like There’s No Tomorrow
”Why do Americans spend so much? How many of us are caught up with the ‘see, want, borrow, buy’ mentality? According to Juliet Schor, millions of middle class Americans are fighting and losing an expensive battle not just with their neighbors across the street, but with the rich and famous.” In other words, we are no longer trying to keep up with the Joneses, but instead the “beautiful” people we see on the screens, billboards and magazines. She calls it upscaling. But unfortunately we don’t have the income to afford the things we buy, and instead use credit to buy more than we can afford.
» WEBSITE
A public television production entitled Affluenza makes the same point. “Affluenza examines the high cost of achieving the most extravagant lifestyle the world has ever seen.” (Project C.A.S.H. has this video! Schedule a viewing.)
The Center for a New American Dream was created to “help Americans consume responsibly to protect the environment, enhance quality of life, and promote social justice.” In addition to providing information on how consumption impacts our quality of life and the environment, they also make available lots of practical suggestions to begin to take action, and change how we spend our money. The essence of their message is to spend your money in agreement with your values.
The Center for a New American Dream asks America:
“How much is enough?”
» WEBSITE
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Although personal consumption has doubled since the 1950’s, the percentage of Americans who say they are “very happy” has actually declined.
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Af-flu-en-za n.
1. The bloated, sluggish and unfulfilled feeling that results from efforts to keep up with the Joneses. 2. An epidemic of stress, overwork, waste and indebtedness caused by dogged pursuit of the American Dream. 3. An unsustainable addiction to economic growth. 4. A television program that could change your life.
» WEBSITE
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“A part of the social aspect of the problem is the desire to be able to consume the way you see others consuming, irrespective of your income.”
Douglas Duncan, chief economist of the Mortgage Bankers Association
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