The Psychology of Spending: Art in the Post - Reagan 'Trickle Down Economics' Era
Posted: Saturday, August 09, 2008
by Jennifer Cuddy
I know what some of you may be thinking. What does economics have to do with Art? What does our spending habits have to do with Art? What is the psychology of spending?
First, let me address the issue of Reaganomics and its effect on contemporary culture. 'Trickle down economics' is a concept introduced by the Reagan administration in 1984, to boost the economy by increasing corporate welfare and decreasing taxes for the rich; which was intended to increase productivity and employment by encouraging entrepreneurism. Increased spending was the driving force to boost the economy. In order for consumers to have the ability to spend more money relied on the success of entrepreneurship. By decreasing taxes for the rich, we could allegedly, in turn, allow capitalists the opportunity to expand and create more jobs, which would inevitably result in increased consumer spending. Increased productivity, increases the GDP of the nation. A fine enough concept on paper, but a naive one. One thing that Reaganomics did not for-see, was the very human weakness universally known as 'greed'; and it also underestimated the pressure of consumer spending beyond their budgets, which is universally coined as 'The Psychology of Spending'.
This is further complicated if you are a parent, because not only does your self esteem rely on where you fit in the social strata, but your children measure their self esteems in similar ways. " If my friend, Johnny, has a cell phone, a computer, and attends private schools, why can't I?" Middle class parents send their children to unaffordable private schools out of fear that their children will not succeed. What results is enormous debt and related stressors due to debt. And it is debt that enslaves society to the mercy of their employers. As we have seen in the past few decades, benefits have diminished, health insurance has become unaffordable - if provided at all - as 'for profit' corporations have crunched numbers mostly to the chagrin of the enslaved middle class. People are working harder than ever before, and receiving less, as responsibilities have disproportionally increased, largely due to the 'laying off' of middle management and 'non essentials' in order to increase profit even further.
Finally, how has this effected Art? Many people have considered the recent death of renowned writer, Norman Mailer, to mark the end of an era when writers were deified for their talent or uniqueness. Many of the influential writers and artists in times past have also been activists. But when was the last time you've encountered a new writer or musician who has equally influenced society to such a degree as to have some direct influence on how we view political and/or social policy? Where are the heroic modern equivalents to Bob Dylan, John Lennon, Pink Floyd,The Smith's 'Meat is Murder', Allan Ginsberg, Jack London, George Orwell, Trotsky, Andy Warhol, Henry Miller, Basquait, Evelyn Waugh, Gore Vidal, Hunter S Thompson, Sylvia Plath, William S Burroughs, Joni Mitchell, Crosby Stills and Nash, et all; the list could go on forever, but somewhere in modern time, it stopped. And Art is now no more than recycled retro. "What happened? When did it start," you might ask.
Bret Easton Ellis may be the best illustration of the Reagan generation inspired writers who wrote about this shift in priorities in post modern culture. His ' Less Than Zero' and 'American Psycho', are both reflections of a society that is obsessed with money, materialism, and superficiality. If you know of any others, please do not hesitate to mention.
My theory is that it started, or should I say stopped, with the Reagan administration. Reaganomics gave Capitalism the unlimited power to exploit. Are we still living in a democracy? I would say, no. I would say that we are living in a post modern age where Capitalism is controlling not only society, but also our government, and very possibly our judicial systems as well.
It's an ugly age we are living in. However, I do believe that the only medium in Art that is effectively addressing global issues and exposing our corrupt government with some level of influence is the Film Industry. Whereas I also believe that the likes of Literature and Art are suffering the most, and primarily due to low profit margins.
In conclusion, my theory is that the future of Literature, however it is evolving due to the Internet, is in a desperate need to address global issues, whether that be in fiction or non fiction. We simply must address these themes. The timing is now. Society is finally awakening from its slumber. Europeans have understood this work/life balance for some time now. They work less, and live more. For what is Art, if not life? This is what is missing in American society. I don't think it is merely the tannins in wine that reduces the European's propensities for stress related illnesses.
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Top-level comments on this article: (2 total)Hello Jennifer,Well said. In our current economic situation, we are seeing an exascerbation of the concept of the great divide of the classes over materialism. The wealthy are buying up the property, the insurance policies, making money off loans, increasing their nest mightily. Now, you can even buy yourself a great seat on a flight that will take you anywhere in comfort. Reaganomics in its most pathetic form. Be well.Yes, Reaganomics really gave the rich the golden ticket, didn't it? And I'm not really sure that Reagan even understood how that would inevitably happen. Only in America can you be a millionaire, but a pauper on paper with all of your tax write - offs. But we can't all be the owners. Thanks for stopping by.
What kind of country do you want the United States to be?A country where the distribution of wealth is a tad more even. There is something very wrong in a society when CEO's are making millions, writing everything off their taxes, whilst the employees are just barely getting by, and taking on the bulk of the work that allows this country to function in the first place.
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