The fact is that over the past several years, all of our spending habits have been on autopilot. We have taken for granted the ability to think critically and be honest about our financial situation, and we spend too much time on the way to paying for our food supplies. The fact is that we spend too much time making money, and we are not on autopilot.
This can be explained by the fact that we’ve been living in what many economists refer to as “the boom/bust economy.” In the months leading up to 2008, we had a “boom” in certain industries and a “bust” in others. At the end of the bust, it was the boom again, and the rest of the world was looking to us for ways to save, invest, and spend money.
Boombust, or bust, is a term that describes the process by which the economy reacts to sudden changes. The boom/bust cycle is a term economists use for the economy’s tendency to boom or bust. The boom refers to any time period of increased spending and/or increased borrowing. The bust refers to a time period in which spending and borrowing decrease.