My friend argued that consumerism helped stimulate the U.S. economy and other countries’s economy in general. I realized that everything has 2 sides. Some people have to spend and the other savers benefit. The rich benefits from the poor. The one with knowledge will benefit from the one without knowledge. Everyone is never created equally. If everyone invests the same stock/ same regime, they are not going to make money. Warren Buffett disclosed just some of his investments. It is his secret and it is how he can compete with other investors. The information is not accessible equally to everyone. The knowledge cannot be spreaded 100% so that someone still has the capacity to direct others.
I wrote a post last year mentioning “Savings and the Wealth of Nations“. Spending vs. savings is a complicated issue, but I think it has to go hand in hand.