I didn't live through the "Great Depression" and was only eight years old when the savings and loan (S&L) crisis took place so it's safe to say I haven't experienced anything remotely close to as serious as the crisis the United States (and World) is currently facing. We're all hoping for the best but are you preparing for the worst? The economic distress becomes more obvious each and every day. A simple drive home from work uncovered several more businesses closing their doors, neighbors foreclosing on their homes, and news on the radio of more companies going under with a horrendous amount of jobs being lost. In times like this it can be dangerous and borderline reckless to be overly optimistic.
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Instead of looking at it as a glass half full or empty would it not be wiser to look at it as a glass that you will do everything in your power to keep from running dry, tipping over, or cracking? If you're anything like the wife and I, you may live comfortably, pay all of your bills on time with a little extra money each check. The unfortunate thing is our relatively smooth situation could take a sudden and prompt turn for the worse if either one of us became unemployed. I've actually been forced to think about the "what if's" and come up with the "would do's." For example, priority one would be to keep a roof over our heads at all costs, so that means luxuries like satellite television, telephone service, and internet would immediately have to go along with other wants like eating out, pricier foods, and unfortunately the beer would have to go as well. Sure filing for unemployment may buy us some time but I'm also forced to consider the dwindling job market and this is where the worst case scenario begins.
The situation I described isn't a delusion, or a rare occurrence, its happening daily. If things keep getting worse, how bad can it get? It's hard to imagine our current society reduced to animal like behavior forced to cheat and steal in order to keep food in our stomachs but then again people did stomp a man to death in Wal-Mart on black Friday over slightly discounted merchandise. To further define the "worst case scenario" we need to take a look at the past. According to Wikipedia, "The market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation and lost opportunities for economic growth and personal advancement." Sound familiar? Well that's a small portion of a description of the Great Depression; much like our current situation it is nearly impossible to isolate a sole cause for the downfall in the economy but the affects are eerily similar. Is it a stretch to compare our current situation to the Great Depression? Sure, but then again I'm writing about the worst case scenario.
A lot in our society and country has changed since the 1930's like the invention of the television, computer, and internet but something that stands out as even more significant is our inability to self sustain. It would seem with our constant advancement in technology as a society we have forgotten how to rely on ourselves. Considering the worst case scenario what would you do if you couldn't afford groceries or even worse what if groceries weren't available? Have we forgotten that our ancestors actually lived off of the land? They grew crops, raised the animals they would later have for dinner, and made their own clothes. We have become so reliant on others to provide our goods and services that in the event of our luxuries disappearing we might find ourselves helpless and confused.
A recession is no laughing matter and a depression is a pure nightmare. The U.S. unemployment rate has been consistently growing since January of 2008 and is showing no signs of letting up. At a current rate of 6.7% of Americans unemployed the U.S. is approaching a milestone we'd rather not meet. (Source 1) Aside from the Great Depression where at times unemployment reached nearly 25% the second highest rate of 9.7% was hit in 1982 which the U.S. is getting dangerously close to. (Source 2) I think it's realistic to assume that there isn't going to be an abundance of jobs created any time soon that will lessen the blow of the hundreds of thousands of jobs that are being lost on a monthly basis.
We're a long way off from the staggering unemployment numbers of the Great Depression and unemployment is only one of many statistics used to measure an economy's performance but let's not be naive. Isn't it always better to be safe than sorry? How hard would it be to start preparing for the worst even if you're certain things will be okay? There are a lot of little things you can do now that will only benefit you if the unthinkable occurs. Learn how to garden and purchase plenty of seeds, learn how to can foods and gradually stock up on canning jars/lids, keep extra water around, and you can even dehydrate food and vacuum seal it. I'd be lying if I said I've taken all of these precautions but I am being honest when I say the thought has crossed my mind and there will be a boiling point when I will be more proactive in preparation. Optimism is a wonderful quality to have but be careful; being too confident in some circumstances can be a very poor choice. I'd love to hear your thoughts, opinions, views.
Sources:
Source 1: Bureau of Labor Statistics. Current Population Survey. Retrieved [01/01/2009], from [data.bls.gov/PDQ/servlet/SurveyOutputServlet?request_action=wh&graph_name=LN_cpsbref3]
Source 2: The Great Depression. Did you know? Statistics. Retrieved [01/01/2009], from [www.shmoop.com/did-you-know/history/us/the-great-depression/statistics.html]
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