It’s official: the U.S. has been in a recession for the past 12 months. It’s clear that many people are to blame – crooked bankers and stock market traders, inept Congressmen who lack integrity and a president who has failed to demonstrate good fiscal leadership. But what about you and me? Have we contributed to the economic crisis? The answer is yes. As a nation we believe we are entitled to everything that we desire. We make purchases that we cannot afford and use plastic to pay for it. We spend rather than save, and consequently live paycheck to paycheck, blaming others for the mess we are in, when in truth it is our own fault because we lack the self-discipline to live within our means.
But isn’t it true that we are actually doing the economy and the nation a favor by spending and consuming? That’s what we’ve been told by the current administration and Congress who forked over billions of dollars in stimulus checks earlier this year and now are doing it on a corporate level for every business entity with their hands out.
Despite theories that wealth can be created by extending and using credit, the truth is that wealth is built through work and currency that is backed by assets – gold or goods or real estate. It is an illusion to think that you can borrow your way to prosperity.
So what can each of us do? First, stop living on credit. Pay off everything you can. Second, live within your means. Third, consider making, growing and selling things that you can do yourself. Not only will it mean additional income for you, but it will keep dollars circulating in the community.
It has also been shown that buying locally produced goods reduces our dependence on foreign oil. Another thing each person can do is to stop looking for entitlements and handouts from the government and look for ways to become more self-sufficient.
This nation was settled by people who came here because we offered opportunities to succeed never seen before anywhere in the world. It is still possible, but requires self-discipline and initiative instead of excuses.
Scott Cottrill
Abingdon, Va.
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