will the Roaring 20’s lead to a burning of the next decades to come?
According to Wall Street, Washington, and Ottawa economists, many consumers are sitting on piles of pandemic savings that is prompting the possible prospect of a post-covid boom. Even in the last few weeks, vaccine distribution has increased and retail sales have jumped. This is said to be a result of months of lockdown induced saving and government aid. Inevitably, this does not account for the financial difficulties a large segment of the population have faced during the past year. However, even people who don’t fall into this pandemic savings category are still eager to bounce back and enjoy life once this is all “over.”
The term the roaring 20s has started circulating to describe what may be life after COVID – travel and excessive spending on products and experiences as a result of consumer demand. Most of the world has spent the last year in a series of lockdowns, been subject to travel restrictions, or have opted by choice due to virus fears to not go shopping, eat out or whatever experiences are available to some following government guidelines. It’s no surprise that once life slowly returns to ‘normal’ we will want to indulge in all we’ve been denied. However, these projections of a post-pandemic boom do not take into account the need to rapidly decarbonize and reduce carbon emissions. I know – climate change, what a mood killer, but if we expect the next 10 years to be like the post-war era, described by Marxist philosophers such as Theodor Adorno as consumerism that amounted to a foolish “fetish”, we are in for a harsh surprise.
In 2019, C40 Cities, a network of 94 of the world’s biggest cities, released a report that estimated how much consumption habits drive the climate crisis. In those nearly 100 cities, where a combined 700 million live, the consumption of goods and services “including food, clothing, aviation, electronics, construction and vehicles” is responsible for 10 percent of global greenhouse gases. That’s nearly double the emissions from every building in the entire world. The report predicted for cities to do their part to limit global warming to 1.5°C, they must limit their consumption-based emissions by 50 percent by 2030, and 80 percent by 2050. It’s no secret that unfettered consumerism is a symptom of human behaviour that is leading to unprecedented climate change, but the prospect of a massive economic and spending boom on traditional goods and services will mean a bust for the climate, and future generations.
The situation is difficult because there are many dangers to this predicted post-pandemic recovery and spending, however, the benefits should not be understated. In order for businesses and households who have struggled to stay afloat during the pandemic to recover the opportunities a boom could provide are unparalleled. And the reality is most people are keen to get out there and live a little without the guilt of planetary disaster hanging over their head each time they make a purchase. The question we need to be asking of ourselves, and elected officials, is whether there is there a sustainable way to achieve this boom. Suffice to say individual consumers cannot change the global economy, but we do have some influence through individual action with our dollars and votes. On an individual level, once the pandemic ends, choosing to spend money (if you are fortunate enough to have this choice) locally, ethically and on experiences may be a better alternative. And for those keen to jet set well… maybe go vegan for the year to offset your emission! It’s a nice comforting idea – the notion of a roaring 20’s. It is also an excellent avenue for escapism as variants spread within Canada and we await vaccines, however, the post-COVID consumer generation has the responsibility to ensure the roaring 20’s don’t lead to a burning of the decades to come.