Sunday, February 15, 2009
America Are We Facing Another "Great Depression"
Have you heard the news lately? We are in a "Recession", according to some leading economists. I know these highly educated, well written individuals have studied the numbers and have studied the history of how the economic stability of this country has been affected by several key indicators, which in turn allow them to base their "scholarly conclusions". I truly believe that we are already in a "Depression". We just haven't heard the media and the economists say that we are. But I guarantee you that once you hear that dreaded word, then people will begin to say, " We are in a depression". Think about it, politicians are saying that we need to do something immediately as it relates to a "stimulus plan". When I hear the word immediate, that sounds like, if you don't do anything quickly then it is an automatic eminent catastrophe. Ask anyone who has lost their job and home if they think that they are in a "depression" and most likely they will not say, that this is just a minor setback. Anyone that is facing a financial crisis is emotionally depressed. So, I guess the millions of people that are without employment is in a depression. What does it take for economists to say that we are in a depression ? What are the key indicators for which they base their findings? When you hear about the "Great Depression", you often hear about the soup lines, people pawning anything to make an extra dollar, suicides, bankruptcies, foreclosures and more. If, I am not mistaken we have already heard those stories lately. Americans that have lost their jobs, homes and any other financial investments are in a depression, and those that are still employed and don't know the future of their employment and financial situation is in a recession. Another factor to take into consideration, this country is facing a global war on terrorism, global economic crisis and more. The "Great Depression" was quite different, read your history. If you really want to see the state of employment and economy in this country, click on to the U.S. Department of Labor-Bureau of Labor Statistics http://www.bls.gov/news.release/empsit.nr0.htm . Oh, but there is a silver lining in all of this, it is called entrepreneurship and becoming more self sufficient and more responsible in how we spend, invest and save our finances. Haven't we always been told that you can't always depend on someone else to fix "your problems". Whether we are in a depression or a recession, don't allow your self to be overwhelmed in self pity as it relates to your financial situation. Start today and think about how you are going to be the winner at the final end of all of this.....as the old saying goes, "This too shall pass".