Midpack
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I would really like to think this recession will change us, just as the Great Depression did that generation, though I expect less dramatically. While there are people still striving to live beyond their means, I'd like to think many in the mainstream will be more frugal. This means the last/current recession was a "reset," as some economists have suggested - and our years of obvious excess are coming/have come to an end.What did you come up with?
That being said, in broad terms I think cost of living will increase and therefore standard of living will decline for the USA. I think investment returns over at least the next several decades will be below historical expectations but still net positive. Our issues with health care, social security, medicare, debt/deficits, energy will all be addressed but not without more sacrifice than anyone wants to accept - and not because of good political leadership or an informed electorate, but only out of necessity when there's no alternative to acting.
We'll be fine, but it won't be the party the USA had in the last half of the last century IMO.