One of the guests at the cookout I attended yesterday runs a day care center for dogs. You would expect the demand for this to be fairly elastic, so people were asking him how his business was responding to the economic crisis.
He said it was actually holding fairly stable. Of course there are people who’ve lost their jobs and aren’t using day care for their dogs any more. But there are also people who have two jobs or longer commutes and need it more than they did.
And there are the people who thought they should cut back and then came back two weeks later and said the day care was cheaper than reupholstering the couch. Paul said these are all married people; single people just put something over the part that needs reupholstering.