Weathering the Economic Storm
John Boehner on the House Floor, Friday:
But even if we pass this bill today, let’s not kid ourselves. We’re in the midst of a recession. It’s going to be a rough ride, but it will be a whole lot rougher ride if we don’t pass this bill. I will say to all of you, when this bill passes today, remember those words ‘In God we trust,’ because we’re going to need his help.
(Emphasis added.)
As the economy turns from bad to worse, the ripple effects of Wall Street’s credit crunch continue to bear down on Main Street Americans. Frankly, the economy is probably going to get worse before it gets better. The Paulson bailout (which hasn’t begun yet, BTW) will not cure the problems we face; it only slows the side effects.
For the time being, government has done all that it can do, and personal responsibility should be the order of the day. I’m a strong advocate of conservation - not to be confused with conservatism - and during my lunch break, ran across What to Do with Your Money During Tough Times:
The first rule for weathering this financial storm: don’t panic. These times remind us of the importance of financial planning, particularly putting aside six months of salary and living within our means. In 2007, consumer debt rose 5.5 percent—twice as fast as wages. If you’re like most Americans, you now spend 20 percent of your budget on consumer debt. With home equity lines of credit disappearing, people are using their credit cards more, resulting in increased bankruptcy filings.
The sad truth about our current situation is that it might have been averted - or at least minimized - if people had operated within their financial means. Above all else, financial conservation should be one of the highest priorities of the green movement.
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