The bad news is getting to be a little overwhelming ⎯ millions of jobs lost; banks, car makers and possibly credit card issuers in need of a bailout; depleted retirement accounts and a gloomy short-term outlook.
Could things get any worse?
Actually, there is a silver lining to this recession. Let’s look at what we have to be thankful for:
- 93% of working adults have a job. While thousands have been pink-slipped in nearly every job sector, most of us are still working. Plus, unemployment benefits have been extended for those who need continued support.
- Interest rates are low. Interest rates on all types of loans (except credit cards) remain historically low, so if you need to borrow money for a business, home or car, this is a good time to do so. The caveat, though, is that the bar has been raised for those who wish to qualify for the best rates. What used to be considered a “good” credit score is now considered mediocre at best.
- Personal savings are up. For the first time in more than 20 years, Americans’ personal rate of savings is on the rise again. In May 2008, we boosted our savings rate as a nation to 4.8% (although that’s a far cry from our peak savings rate of 14.6% in May 1975).
- We got a wake-up call. Too many Americans were living beyond their means, buying homes they couldn’t afford and overextending themselves to enjoy a better lifestyle. The housing market shake-up has done much to return a lot of people to saner practices, like “saving up” for a purchase, wasting less and deferred gratification.
- Everything’s on sale. Amid declining sales, retailers are desperate for your business. Great deals can be found on everything from car sales to clothing.
- You’ll get better service. It’s another by-product of declining consumer spending; sales clerks will be more attentive and polite, and you just may get a “thank you.”
- We’re not making OPEC as wealthy as before. While prices at the pump remain relatively low (for now), Americans still aren’t logging the miles on their odometers like they did before. That makes things tough for the OPEC cartel, because reduced demand forces prices lower. In the long run, permanently altering our driving habits reduces our reliance on foreign nations and gives us breathing room to develop alternative energy technologies.
- Expanded bottle bills stand a better chance of passage by state legislators. That’s because state governments are desperate for the extra revenue they could potentially reap from unredeemed deposits. In New York, state officials estimate they could collect $119 million annually by collecting unclaimed deposits on water, iced tea and juice containers. Right now, beverage makers keep the unclaimed revenue. Diverting these savings to the states and municipalities could beef up state coffers and benefit residents through green initiatives.
- Momentum is building for more efficient technologies. Just as expanded bottle bills are earning renewed enthusiasm from lawmakers, other better, more efficient ways of doing things are also gaining fast-track status because saving money is what it’s all about in a recession.
- The fiscal stimulus package will benefit every taxpayer. The nearly trillion-dollar fiscal stimulus package will help repair our aging transportation infrastructure, invest in our schools and support job creation in many industries.
There, now, don’t you feel a little bit better now? For an added injection of upbeat thinking, visit www.happynews.com.
