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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Dorothy, get in the storm cellar! Open thread on belt-tightening

By Megan McArdle
Nov 10 2008, 12:10 PM ET Comment

So if you're like most of us in America, you're feeling a little it like . . . a Christian Scientist with appendicitis.  Whether your job seems particularly threatened, the declines in the stock market and the housing market, and the collapse of consumer demand, make it feel like we might be in for a long bad spell.  The economists can scream about aggregate demand all they want, but we're looking for ways to do less.

Like Tyler, I'm not sure this is bad.  I think the government should palliate the consumption collapse--make sure that the supportive services and unemployment benefits are there for people whose consumption falls below acceptable levels.  But we've been living on borrowed money for a long time.  Eventually, we're going to have to spend less to get our balance sheet back in balance.

So here's an open thread:  what are you doing to cut back?  My partial list:

1)  Considering giving up my apartment for a shared house
2)  Street parking my car
3)  Eating and drinking at home instead of U Street's many fine dining estalishments
4)  Buying cheaper food in bulk.  Luckily, I really like PB&J and ramen
5)  Cancelling my gym membership.  The Wii Fit turns out to be surprisingly effective.  At least if, like me, you're in terrible shape and hate excercise.
6)  No new clothes this year.
7)  Getting serious about freelance income.

Yes, this is a list that screams "middle class single professional".  I'm sorry.  I can't help what I am.  I was born this way.

And no, I'm not worried about my job, for those of you who are worried (or hopeful).  Really. But the downpayment I wanted to put down on a house just got eaten by the stock market crash, which means that if I ever want to experience the many joys of homeownership, (like . . . er . . . 20% price declines) I need to tighten my belt something fierce.

What about you?  What are you worried about?  And what are you doing to make yourself financially more secure?


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