MY TURN column
The Courier-Post
January 15, 2009
As I wound my way between parties and family gatherings during the just-concluded holiday season, the topic of conversation invariably settled on the state of the economy. The tales of woe I overheard included home foreclosures, volatile oil prices, bailout loans to investment banks, falling stock prices and unemployment numbers.
By far, the most bewildered and forlorn looks came from the children of baby boomers, many of whom are still in college or have recently entered the job market. Even my 25-year-old son, who prides himself for having an independent streak, bent an ear toward his father's discussions.
For most of our children the current economic landscape is new territory. They do not know the word recession. This year, in their presence, I found myself offering an economic cautionary tale involving three generations: The Greatest, the Boomers and Generation X.
"History doesn't repeat itself, but it does rhyme," Mark Twain once said.
Boomers know the truth in this statement, because we have experienced seven economic downturns between 1953 and 1991. The bust of the dotcom bubble in the early 2000s might even count as another. Our children, on the other hand, have experienced the longest period of continuous prosperity since the 10 years of the Great Depression from 1929-1939. Former Federal Reserve Board Chairman Alan Greenspan warned as early as 1996 about an economy filled with "irrational exuberance," but in many cases, American greed and excess rolled unchecked into the new millennium.
We are all guilty to some extent of living the good life without fully considering the consequences. Our parents, progeny of the Depression, taught us the values of hard work, saving for a rainy day and living within our means. Sage advice for us to pass along to the following generations.
Amid all the doom and gloom presented by the media, I remain optimistic about the country's future. Sure some belt tightening will be required, but this may be the perfect time to resurrect Teddy Roosevelt's spirit of rugged individualism before we totally surrender to the big-government style of Franklin Roosevelt.
A look at American history suggests we have the most resilient economy in the world. Sure we go through rough patches, but because we are flexible and adaptable, we find ways to get out of these messes. Remember how we rebounded from the national economic and spiritual malaise that followed 9/11? We have an abundance of untapped natural and human resources, an educated population inhabiting a free society, and a superior standard of living, the envy of European and Third World countries.
Here, then, are some generational tips for weathering the current storm:
- You can't spend what you don't have, so do what my parents suggested by putting a little away for a rainy day. You may have noticed it's drizzling outside.
- Give your credit cards a vacation. Try that green stuff called cash instead.
- Don't buy that new book or DVD, visit your local library and borrow one for free.
- Check out local colleges offering free lectures, concerts and art exhibits.
- Use the many free online courses and teach yourself something new.
- Visit area tourist sites or stroll through the neighborhood park for no-cost exercise.
- Save money by eating dinner at home and then go out for just coffee and dessert.
- If something breaks, try to fix it yourself to beat repair costs or purchasing new.
- Search online and in newspapers for coupons, which are plentiful now.
- Rediscover your local small town and give an economic boost to mom-and-pop businesses.
- Buy items that offer quality and a long lifespan rather than faddish style.
- Demonstrate your value at work -- arrive early, work late and become indispensable.
I take heart in the upbeat message delivered by commentator Ben Stein on a recent CBS Sunday Morning program:
"The worst thing about recessions is what they do to people's minds, hearts and souls. The whole world is facing financial fear, me included. I offer two hopeful thoughts on this. No slowdown lasts forever. This one will end, too. A new team will take over in Washington, and they will almost surely avoid the mistakes of the old one.
"Already a faint, pink light is beginning to dawn at the end of the tunnel. Daybreak will come. But far more important, I beg you to know, you are not your balance sheet. You are not how big a home you have, or what kind of car you drive, or whether your kids go to a prestige school.
"You are a human being with a soul. You are how you behave, how you help those in need, how you act toward family, community and animals. You are not a bank; you are a living person. It is high time to judge yourself by the content of your character, not the color of your money."
