The only reason I did well in Econ in college is that I took the courses with my friend, Bill, who had a mind for all the charts and graphs about guns and butter that I lacked, and he was generous enough to pull me along.
But even as I've tried to deny the daily damage being inflicted on my retirement account--I've been tossing the unopened statements in the trash for the past several months--the economy has risen to become THE conversation. It pops up in headlines in the daily papers and on my phone. It comes up on walks and over dinner with friends and even during Ralph's and my pillow-talk time at night. We who have Greatest Generation envy are finally to be tested, it seems, by the Great Recession.
Since history never repeats itself precisely, however, I find myself obsessing about what form the paradigm shifts our lives will take. About the only change I've made so far is to stop acquiring and start whittling: I've made a deal with myself that for every day I don't go to Starbucks, I transfer $5 toward my credit card balance (Last week when I was in bed with the flu and only craved tea, I "made" a whopping $35!)
This nonetheless represents a big change for me. I have lived my entire adult life by an approach that Calvin Trillin calls "Alice's Law of Compensatory Cash Flow." That's the principal by which if you think you absolutely must buy a fabulous new flat screen TV that cost $5,000 but then remember that if you do there will be no money to pay the mortgage, feed the kids, or train the dog and so you forego it, you have in effect "saved" $5,000 that you can then spend on something else.
But surely this is only the first of many adjustments, small and large. If few can afford to send their kids to college in the manner to which we upper-middle-class aspirers have planned, will the Harvards and Yales somehow become devalued, replaced by windshield stickers for Georgia State? Will we be blown back a generation, so that we raise our kids the way our parents grew up--living with multi-generations? taking in boarders? We will we start mending the clothes we buy from Target? Will we never be able to retire?
All of this is still in the realm of fantasy right now, and I hope that's where it stays. But in my imagination, what I picture from the turmoil we're in is a more communal life, with greater reliance on and interdependence among friends, family, and neighbors, less waste, and more of a focus on what we really care about because choices have to be made.
I'd love to hear how the economy has affected you, and where you think we're headed?
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4 comments:
Rather than dwell on the idea that everything is in the shitter, (which it seems to be) perpetuating the fear that is driving the global economy south, we would be much better served to just chill out, and have a little patience, and stop being so scared. Or, better yet, turn off CNN, close the NY Times window on the computer, stop wasting time watching the local news and tune out the reports from the lemmings and go for a walk or play some games with the kids.
We have been living a very charmed existence until recently and to think that we might have to suffer, even forgo our five-bucks coffees, name-brand clothes, oversized homes and other luxuries, is just the sane logical economic reality. It may suck but what else are you going to do other than come off as a well-informed buzz-kill? This is an economic correction and if it gets bad enough there will be a revolution and it most certainly will be televised. In fact I think Wolf Blitzer is on top of that.
If knowledge is power and ignorance is bliss, then I would rather be a happy idiot than a depressed and fearful intellectual.
Keep the posts coming!
This is the time of finding ones values. It will be true test of our country and world. Keep your great writing coming.
It's certainly hard to ignore all of the gloom and doom on the economy, 'tho I've done a pretty good job. I believe in focusing on what is positive to avoid the fear and paralysis that comes with the alternative. It's a good time to live simply, to give abundantly and to have faith... Thanks for the post.
Have you given me the alias Bill?
Thought I pulled you through Comparative Economic Systems at Georgetown in the Summer of '81?
Okay, I didn't, but I pulled you into Mr. Smith's for daiquiris.
That's my plan of attack - daiquiris.
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