Obama: America to No Longer Be “Voracious Consumer Market”

I find this terribly disturbing: In Europe, Obama Faces Calls for Rules on Finances:

Speaking on the eve of a summit meeting here to address the financial crisis, Mr. Obama acknowledged that regulatory failures in the United States had a role in the meltdown, but he urged world leaders to focus on solutions rather than on placing blame. He also cautioned that the United States was unlikely to return to its role as a “voracious consumer market,” and he urged other nations to do more to revive growth in their home markets. [Emphasis added.]

From the bit in bold above, does he mean that our economy will never recover to previous levels? If not, then why not? Or, that even if our economy does recover, we’ll have lost our “voracious consumer” appetites? If so, then why? What’s going to change in America’s nature that reduces how much we consume, or our very desire to consume?

This is as ominous a statement as any he’s seen, and I’ve not seen anyone call him on it.

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