Cultures are never set in stone. Sometimes the changes are slow as key elements in societies evolve. Other times, the reactions to circumstances are rapid and quite radical. When these changes will be apparent is not predictable. If we go back to 2007, America was full of confidence. It seemed like the economy was strong and we would continue to accumulate wealth both at an individual level and as a country. Then banks collapse and have to be bailed out, and the housing bubble bursts leaving tens of thousands still underwater with their mortgages now. Although economists who count the value of imports and exports will tell you the trade deficit is getting back under control and the local economy is no longer in recession, it doesn’t feel as though the country is recovering. Houses are still going through foreclosure, unemployment has been about 8% for the last five years.
The group most adversely affected has been the young. They have struggled to find or keep work. Many were encouraged to go through the higher education route and now have major debts weighing them down. Banks no longer give money away whether as mortgages or as loans to buy new things for the home. Indeed, everyone is finding it hard to keep a good credit score. In such circumstances of uncertainty, it’s hardly surprising the young have turned away from the idea of ownership. They don’t have the savings to buy. They have no confidence they will keep paid employment so taking out any big loan is not realistic. So now they borrow what they need from friends. If friends cannot help, they rent what they need for as long as they need it.
With young adults renting by the hour there has been a boom in the cheap car rental market. Indeed, this is part of a broader social trend. Women rent high-fashion gowns for a night. The majority have given up material pursuits and no longer build wealth for the future. This is going to have profound implications for a future society with inadequate tax income to care for the seniors while the current adult population is not saving for its own retirement. In the meantime, everyone drives around using cheap car rental cars.
Cheap car rental by the hour is now the young's preferred transport