Party's Over, Time To Sober Up: How The Economic Crisis Could Be Good For America
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http://www.time.com/time/nation/article/0,8599,1887728,00.html
Time’s Kurt Anderson calls for a simple Three-Step Recovery Program for America to start getting back on track after decades of partying. It’s time for America to get over addiction to easy money, cheap fossil fuels, and living large and admit that our lives have become unmanageable. Anderson compares the present economy to Wile E. Coyote just after racing heedlessly across the American landscape, ran off the cliff, and is now plummeting back towards Earth, and reality. However, we all know that the coyote never dies after these falls, but instead rises up a little beaten and bruised, to be chastised into behaving more wisely.Since the early ‘80s, the Dow has climbed from 803 to 14,165 in the fall of 2007. Also, in 1982, the average household saved approximately 11% of its disposable income. By 2007, that number was less than 1%. Not only have we been living large with the amount of casinos on the rise, but the average American today is 20lbs heavier than in the late 1970s. Yet we still laugh at Homer Simpson’s caricature of America, but wince at the humans in WALL-E because inside we know that is the path we could be headed if the party continues.
Of course, sobering up is hard, but going cold turkey on spending and borrowing is not the best route to go either. We just need to find smarter, more moderate, and healthier ways to handle our finances. The “new America” must be about financial temperance, not abstinence. Doing things such as forgoing that third car, fifth TV, slightly updated mp3 player, bigger master bedroom, four-car garage, or a marginally new laptop every year is a way to start. Its time to move out of the 80s mindset and on to something new; change is hard as well, but it is time for America to suck it up and deal.
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- groups:
- Politics
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- tags:
- Politics, Economy, Economic Crisis
