A recent commentary on CNN.com singled out “courage” as a key ingredient to ending the recession. The author, Peter Bregman, pointed to businesses having the courage to take risks and invest in new projects and new staff, as a way to end this recession. I whole heartedly agree. But maybe there’s one more thing we need…
When my position was eliminated and I found myself unemployed like millions of other Americans, I was dazed and scared. A friend sensed that I was a bit down and suggested I read a book that helped her: “The Secret” by Rhonda Byrne. I vaguely remembered hearing about this book when it came out and the author was lucky enough to score a spot on the Oprah Winfrey Show. But was it luck, or the courage to believe in the success of her book that made it happen?
“The Secret” revolves around the law of attraction. If you think about bad things happening, they will happen to you. If you think about good things happening to you, they will happen. Whether you buy into this concept or not, you have to agree it’s definitely better to think positively than to wallow in the mire of self pity and negativity.
So what if we all decided to apply this “secret” to the economic crisis? If all of us, not just businesses, started to envision the end of the recession and a robust recovery, what would happen?
I agree with Mr. Bregman’s theory that if businesses starting looking positively to the future and courageously started investing in themselves, the recession would start to ease. If they started to hire again, unemployment would decline. As a nation with an economy that is fueled by consumer spending, citizens with paychecks and disposable income is critical to our recovery. Unemployment is also tied to our ability to pay our mortgages and stay in our homes. If we can ease the foreclosure rate and spur more first-time home buyers, a housing recovery will be on track.
Businesses also have the power to consume – investing in new stores and facilities would spur consumption of building materials and technology needed to operate them. It would also result in jobs in construction and technology. There could be jobs in other areas too, depending on the business.
Consumers also need to start believing that it’s going to get better. People who are still employed and secure in their homes need to believe that the job losses are coming to an end and that their 401k will rebound in time for retirement. If they stop delaying new purchases and start spending money again, jobs will be created. And the people in those new jobs can start spending again.
We need to believe that the stock market will continue to rise. Investing again will strengthen the markets and in turn, our economy. I’d also like to suggest that we need to believe that businesses will operate efficiently and make smart decisions leading to success for the company, its shareholders and the country. But that seems like a bit of a stretch, doesn’t it? While some companies have operated solidly for years, we always seem to have an Enron or an AIG or a Bank of America wrecking havoc on our retirement investments and our economy. This one will definitely take courage. Hopefully we’re up for the challenge.
Tags: economy, recession, the secret, unemployment
