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We went on quarantine for only 2 weeks, and economists compare current situation to the “great depression” or to a time of war.
We were so proud of the economy just a month ago. Stock market was breaking record after record. And then we stopped working for a few days, and all of a sudden it is a greatest crisis since the great depression?
What it means that our country, our businesses, and our citizens are so fully in debt, we can’t last for 2 weeks without generating enough money to keep up with recurring expenses.
Our economy and our people were overextended. We lived beyond our means, inflating a credit bubble. Now the quarantine is making that bubble pop.
As Warren buffet likes to say: “Only when the tide goes out do you discover who’s been swimming naked.”
Now, the question is why? What stopped all of us from being more grounded, save a little more, be more realistic, not to overextend ourselfs with debt.
We in America have built a system and a culture that encourages short term thinking. Greed and pride overtakes our minds.
CEOs overextend their companies to show profit to shareholders in the next quarter. Presidents put country in more debt to prop up economy to get elected the next term. All do that at the expense of long term prosperity.
And citizens get in more debt to inflate their lifestyles and to keep up with the Joe’s.
Maybe it is time to change our values and priorities. Rather than running after a profit by all means possible, we should build an economy that is more healthier and more balanced.
The new metrics for the government should be things like quality of life in the country, not its GDP growth . The metric for corporations is long term prosperity, not near term profit. And the metric for citizens is the quality of their relationship with one another, not their materialistic possessions compared to one another.
These are not socialist ideas. Money is important and will always be the fundamental necessity for our normal life. And that is the reason we should treat money with respect and not let our ego indulge itself wasting money and make us go into never ending cycle of debt.
The definition of success and American dream should be revalued. We have been going blind way too long.
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