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01 July 2009 @ 03:26 pm
Cheap is the new cool but will America stay thrifty?  

(YEAGER, THEIR, CONSUMER, SPENDING, SAVING, MONEY)


By Claudia Parsons NEW YORK (Reuters) - When Jeff Yeager`s book "The Ultimate Cheapskate" came out 18 months ago, he felt like a voice crying in the wilderness telling people to ditch their cell phones, hoard their pennies and pay off the mortgage. Now the Internet abounds with self-proclaimed penny-pinchers offering tips on living frugally as the recession bites into America`s shop-`til-you-drop lifestyle. The rise of thrift may be bad news for a U.S. economy where in 2006 consumer spending accounted for 70 percent of gross domestic product. "Cheap is the new cool," said Yeager, who also has ... read more