THE TIME headline seemed to say it all: "The Simple Life: Goodbye to having it all." An excerpt from the article read: "After a 10-year bender of gaudy dreams and godless consumerism, Americans are starting to trade down. They want to reduce their attachments to status symbols, fast-track careers and great expectations of Having It All. Upscale is out; downscale is in."
Advertising Age jumped on the doom-and-gloom bandwagon. Commenting on the recession, one writer commented, "We all have the feeling this time it's not only far worse but also different; consumer buying habits are going to be forever changed."
TIME published its article in 1991.
Thanks to The Australian for this little gem