A serious 2+year recession would be great for the country !!!
Now I know this sounds crazy, however here is my rationale. Many citizens:
- have forgotten the importance of saving for a rainy day.
- believe they are "owed" their dream life. (home, cars, vacations, etc)
- have forgotten that markets are supposed to go up and down.
- have forgotten the importance of donating their money and time
- have neglected to keep improving their health, education, skills, productivity, etc.
- believe they are above hard manual labor, or think a good job is a right.
- believe that double digit property appreciation is normal.
- believe they should get something for nothing. (ie too many lawyers)
The Great Depression had a lasting impact on generations of Americans and it seems we have lost the message. Maybe some good lessons could be relearned:
- no matter your income, you need to save for a rainy day
- you need to live beneath your means
- personal debt should be used for conservative home mortgages and educational expenses only (ie not to buy cars/toys)
- work and learning is a privilege to be respected and pursued with energy
- people should not rely on the government, except as a last resort
If we do not collectively re-learn these lessons, I think America will have a hard time maintaining a dominant world leader role in the future. As usual: "Pay me Now or Pay me Later"
A good and useful book/movie: The Ultimate Gift by Stovall
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