As Economy Slows, America Cuts Back

Theyre the things we take for granted: an iced latte, fancy bottled water, designer jeans. Now economists say America is cutting back, as the economy continues to slow. For mother Doris Reed, a night at the movies, is now a thing of the past. Shes also buying generic products, driving instead of flying...and spending less time at the mall. Reed is just one of many Americans, who say they are cutting back, in response to the slowing economy. "You hear enough people talk about doom and gloom on the economy, certainly people react to it and are going to be more cautious on how they spend," said economist Robert eisenstadt. Such as not buying that $4.95 iced latte... Eisenstadt says consumer confidence is the lowest its been in a decade. Prompting some to prepare for the worst. And Eisenstadt says people cutting back is mainly going to effect local businesses that specialize in lifes little pleasures.