It could be worse, but –
Many people who are struggling with the current financial times take some solace in the notion that as bad as things are, they could be worse. A recent feature by cnn.com collected personal stories of difficulty during this downturn. Repeatedly, and even when the situations were very dire, some version emerged of, “we are fortunate for what we have because it could be worse”. Even locally when we here news of furloughs, cutbacks, and layoffs, they are often accompanied with this notion that it could be worse.
When Will Things Get Better?
It is natural to ask the question, “When will things get better?” However, that could be a very misleading question. It is not difficult a stretch to claim that values of consumerism were pervasive, but not sustainable. The consequence was the creation of a consumer-based economy that was dependent on people living beyond their means, supported by easy credit. As credit dried up, house values and retire accounts decreased, so did purchasing. So, when will things get better? To have purchasing power as widespread as it is now, it will take another period of irresponsible lending and purchasing. So… is that better?
