You are currently browsing the tag archive for the ‘recession’ tag.
- Learn about the thing you fear. Uncertainty is a huge component of fear: Developing an understanding of what you’re afraid of goes a long way toward erasing that fear.
- Talk about it. Sharing your fear out loud with a trusted professional, friend or family member can help put it in perspective.
- Live and take action in the present. The things we fear often reside in the future – and are outside of our control. You can only control your actions in the present – what you think, what you chose, what you do - not the outcomes.
Today the Wall Street Journal ran an article featuring the work of economists Justin Wolfers and Betsey Stevenson of the University of Pennsylvania’s Wharton School on how the economic downturn has shaken consumers faith in financial institutions and the government. Surprised?
Citing global polling data from the Gallup Organization, the percentage of Americans who say they have confidence in financial institutions fell to an average 44% in 2009 and 2010, down 31 percentage points from 2006 and 2007. Only 23% said they had a great deal or a lot of confidence in banks in 2010. Statistics worth noting, wouldn’t you agree?
The National Bureau of Economic Research (NBER) – a panel of economists entrusted with the responsibility to officially declare the beginning and end of recessions – declared Monday that the longest recession the country has endured since World War II officially ended in June 2009.
Funny; I’m sure there are many Americans that feel like it is still going on.
President Obama spoke to the Congressional Black Caucus Foundation dinner this past weekend and reaffirmed his Administration’s commitment to restoring the economy and creating new jobs.
About 6 minutes into the video, the President makes the point that from 2001 to 2009 the income of middle-class families in the US went down 5%. In other words, the problems that became evident at the beginning of the recession (12/2007) were building for years, and fixing the problems will take time.
Our US Representatives and Senators know this, but if you watch the rhetoric of the political campaign season it would appear that many are content to over-simplify the complexity of our national economy and suggest a quick fix to the sluggish recovery is possible simply by voting in new leadership. Sadly, many American voters will believe the claims of these candidates for office…because they desperately need it to be true.
Steve Chapman with the Chicago Tribune made this point yesterday:
A recession begins when the economy starts shrinking. It ends when the economy stops shrinking and resumes growing — nothing more. The conclusion doesn’t mean we’re getting rich. It merely means we’re not, as a nation, getting poorer. That may sound like a minimal achievement, but it’s better than the devastating contraction that went before. It’s the first step on the path to prosperity. We’re like…a village after the tornado has passed through. The danger may be gone, but there’s a lot of rebuilding to do.
Perhaps the recovery will be quickened if businesses and individuals actually tune out the fear-mongering politicians (whose election depends on an angry electorate) and actually begin thinking and acting as if the recession, in fact, is over. There is money to spend and jobs to create, people to hire and products to develop. Wall Street got the message! What will it take to get the rest of us going?