U.S. in Recession

Luxury vs. necessity

Television sets, air conditioning, microwaves -- suddenly a majority of people in a recent survey say they don't need these things. It's just another sign of how the economy has caused a re-evaluation of luxury and necessity.

Guests

• Rich Morin: Senior editor at the Pew Research Center. He's one of the authors of the report, "Luxury or Necessity? The Public Makes a U-Turn."
• James Burroughs: Associate professor of Commerce at the University of Virginia.

Resources

• Pew Report
• About James Burroughs