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The Economic News Is Too Depressing, Lie to Me

By: Steve Johnson

4/6/2009 - 49 Comments

The other day I was watching an interview with Ben Stein and Ben suggested that the media was making the economic crisis worse by continually publishing bad news.

We need the honest news, bad or good, and right now it’s mostly bad.  The media is just reporting the news, like it or not, the economic is in a downward spiral with a quickly rising unemployment rate that is now at 8.5%.

The saving rate is going up, but that is exactly was we need to recapitalize the financial industry and build a personal finance safety net for each family to avoid more bankruptcy and more foreclosures.

The politicians lie all day long and look were they got us?  More lies will only get us into more trouble. 

Get Serious

It’s time to get serious about the economic crisis.

If you don’t have a budget, it’s time to get one.  America is on the verge of a major financial collapse that is just getting started.  The big crash is still to come, with the collapse of the dollar.  The economic problem is so big that there is no way the government will be able to stop a deep recession. 

My advice is to get over it as soon as you can and focus on solutions for your family.  Create a family budget, find things to cut back on and get out of debt as fast as you can.  Get a better financial education and find or create new jobs.

Psychologists say we deal with a tragedy in five steps. 1. Denial, 2. Anger, 3. Bargaining, 4. Depression, 5. Acceptance  Pretend the economic problems do not exist, will not help. We need to get to #5 Acceptance, as fast as we can so that we can focus on tough decisions to cut back on spending and increase savings.

Increase Savings

The government should be leading the way, with drastic spending cuts and ways to increase our national sovereign wealth fund, while paying down the national debt.

How effective is it for the government and tell us one thing and do another?  If we all followed the government’s example and continued to borrow and spend like drunken sailors, the economic would have no hope. 

The only hope we have is in personal savings, because savings and production are the only way to produce wealth. True hope for a better economic future is found in saving money. The government’s budget deficits only leads to more economic failure and everyone seems to understand this.

The very fact that the personal savings rate is increasing while the government is trying everything it can to encourage spending is a clear indication that the people understand economics better than the government. 

The increase in personal savings is proof that no one actually believes the government’s plan will work.  There is virtually zero faith that the government will be successful in spending the economy out of this financial crisis.  If an increase in spending was the answer then everyone would be doing it.

Yet, Obama and congress think they can pull the wool over our eyes and revive the economy just enough to get re-elected.  The people have been lied to too many times.

The gig is up. Only the truth can set us free.

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