Brazil's Epic Era of Splurging Is Over
Higher taxes, loss of jobs and lower wages have cut into consumer spending
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Gone are the days of Brazilians flooding Miami to spend millions on fast cars and bling. An era of austerity has dawned in Latin America's largest economy as the country charts a course in fiscal tightening.
“The good times are over,” Jankiel Santos, chief economist at BESI Brazil, said by phone. “Brazil is in a difficult situation, and needs to correct the excesses of the past.”