Quoted: â??Everyone is hunkering down,â? says Timothy Smeeding, Distinguished Professor of Public Affairs at the University of Wisconsin-Madison, and co-author of The Economics of an Aging Society. â??If you are not sure, youâ??re not going to buy whatever that next big thing is.â? In addition to cutting out luxuries, Smeeding says that the housing market is going to be particularly hard hit, as second home purchases have moved off the table.
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