End of Consumption Cycle?

With the high rate of unemployment today, we hear this complaint often that we are not growing (in GDP) because we are not spending and unless we spend more, there is not gonna be enough work (to produce), i.e., less jobs. Wait, but isn't that's the reason for less spending in the first place? So looks like we are in a downwards spiral, which is technically nothing new, the pundits say every recession we see this phenomenon.

If we care to ask why this phenom, well we just said because of recession then the real question is why recessions? Oh, don't even go there, that's an age old question. Since (economics) times immemorial experts have tried to answer that, some even tried to co-relate these downwards cycles with the position of stars, I wonder if they were closer than where we are today.

Well, for whatever its worth, here is a thought - if we reverse the cycle mentioned above, meaning consumer spending > production (jobs) > wages > growth > higher living standards (more desires) > more spending > more production > more growth .... is this really sustainable? Could this cycle, growing out of bounds, causing humongous waste and environmental destruction, not become a cause in itself to produce the recession which is nothing but a correctional force that Nature puts forth to set right the deviated behaviors.

If so then,

1. We must realize that in a growing economy the lines between needs and wants gets blurred, our desires take over us and enslave us, causing an ever growing living standards, cutting off our connection from simple and natural living. So these unchecked desires at individual level are the real cause of bubbles or excesses, those are bound to get bust
2. We must learn the right lessons from the recessions so that we don't fall into these cycles again and again, ad nauseam.

What is that lesson? When I have $100 in my pocket and I suddenly get an urge to buy that new gadget, at that moment, having the courage to ask oneself - do I really need that, will I use that FULLY or do I want that just so I look cool etc.; and then choosing to be wise to let go that urge and free oneself from the bondage of desires. Sounds very much like spirituality isn't it .... perhaps there is not much difference between economics, democracy and spirituality, after all situated at the center of all these is - I.

P.S: Written while having been unemployed for 2 weeks