All A State Of Mind

Mass layoffs, bank failures, rising unemployment: the Great-Panic of 2009.  This may very well be the end of the world, or so we’re being led to believe.

With each proceeding day comes another round of wrenching economic news.  Along with 24/7 coverage of every job loss, every foreclosure, and every Wall Street banker now wearing threadbare Armani, it’s almost as though the pseudo-psychological beat-down can’t be escaped – not on a plane, not in a train.  And with a souring economy and consumer confidence at historic lows, the most recent Discover Spending Monitor reported that nearly 30 percent of consumers are planning to further decrease their household spending.

It’s gotten to a point where it appears all industries seem vulnerable, not even Valentine’s Day was safe, with many weary consumers opting out of spending $100 for a dozen roses.  

But need it be so? Should we be so quick to stiff loved ones of their much deserved dozen roses – priced appropriately for our nation’s favorite Hallmark holiday?

Yes the unemployment rate is at 7.6 percent and rising, but should we not consider the inflationary effect of the 16yr-19yr old labor force demographic which has an unemployment rate of 20.8 percent?  Should those with a college degree not consider the 3.8 percent unemployment rate among their peer group before joining the frenzied masses?  

Times are indeed difficult but optimism will prove to be a virtue.  

Such a positive state of mind was summed up best by a recent radio interview discussing one man’s decision to spend money on Valentine’s Day:

Interviewer:
“Sir why have you chosen to spend money on flowers during such tough economic times?”

Man:
“I’m fine; I’ve chosen not to participate in the recession!”

Staunch optimism as economic philosophy; maybe we should all follow suite and chose not to participate!