The fall out of the subprime mortgage industry and resulting credit crisis has led to the downfall of some of the United States' most long-standing and revered financial institutions on Wall Street, but it has also begun to affect consumers. Without knowing just how bad the situation will get, Americans' wallets are getting thinner and attitudes towards spending are beginning to shift. A look to the food industry gives perhaps one of the best indications of the state of our economy, and it's not looking good.

Over the past year we've food prices increase (7.5% in the first 8 months of 2008) while the packages themselves have been downsized. We're getting less for more in a lot of cases. But as economy continues its downward slide, we're now also looking at the very kinds of foods that we buy.

Advertisers and the food industry, are of course aware the changing attitudes towards food in the US now that the economy has gone south. Instead of the big push for gourmet and healthy foods, food giants like Kraft and Campbell will be pushing value meals that still have a high profit margin for them.

Campbell's is about to begin pushing their affordable soup products heavily, and Kraft will begin featuring their cheese singles more prominently. The idea that tomato soup and grilled cheese is a filling, delicious meal for the entire family is one that we'll also be seeing a lot more of. It tastes good and fills you up, so you don't have to feel bad that you're not serving your family filet mignon, roasted potatoes, and veggies for dinner! At least that's what they want us to think.

Kool-aid, for the first time in over a decade, will begin television advertising. Their slogan claims the product provides "more smiles per gallon" compared to soft drinks. It's also a heck of a lot cheaper to buy a $0.25 packet of powder than it is to spend $1.50 on a 2-liter bottle of Coke.

Single-serve frozen dinners, cereal, soup, and milk are all getting a new push since the financial industry fallout. If the hardships continue through next summer, which looks inevitable at this point, I wonder if we'll see a rise in home vegetable gardens too. Afterall, it's cheaper to grow your own than it is to buy it at the store, and with all the nutritionally devoid boxed dinners we're bound to start consuming more of, we'll need to munch on some veggies to stay healthy.